Read the letter to the editor in the Fort Worth Business Press. YOU can't afford not to.
Up a creek
Due to inaction by Congress, on May 31 the National Flood Insurance Program (NFIP) expired and has not been reauthorized. Without the NFIP, property owners in designated flood zones across much of Texas cannot obtain flood insurance to protect their properties. As a result, those seeking to purchase property in a flood zone are not able to obtain a mortgage, without purchasing flood insurance.
This lapse in judgment on Congress’ part could have devastating results for the recovering Texas real estate market as families and homeowners seeking flood insurance are left without an option to purchase and those with expiring policies are left unprotected and unable to renew.
June marks the official start of Texas’ hurricane season, and many Texas homeowners are left with the added worry that their property may not be protected. If we have learned anything in the wake of Hurricanes Ike and Rita, it is flood insurance is a necessity for Texas homeowners. Hurricanes are not the only source of flooding as Central Texas, Houston and Dallas have all experienced flash floods in recent years.
For some time now, Congress has been approving a series of short-term extensions of the NFIP but this is the third time the program has lapsed this year. Previously, on March 28, the NFIP expired for several weeks due to Congress’ failure to agree on how to pay for extensions of other government programs and subsidies that were combined with the latest short-term NFIP extension.
As a Texas Realtor, I urge Congress to take immediate action on a lasting NFIP extension to protect a recovering real estate market and the millions of taxpayers that rely on the program for flood insurance.
– Bill Jones
Chairman, Texas Association of Realtors, Austin
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