With National Flood Insurance Program Expiring Soon, Realtors Sound Alarm

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Right now there are about 30 insurers - including Chubb, American International Group and Progressive - offering private flood insurance in Florida. Freddie said that as long as an applicable mortgage loan is in forbearance under their disaster relief policies, they will not repurchase that loan from its related PC.

"Consumers and homeowners alike deserve certainty", Brown said. And it's not even guaranteed to be available. Additional coverage not supported by the federal government can be purchased. In fact, the number of policy holders have declined.

National Flood Insurance Program (NFIP) is speeding up the flood insurance claims process and extending the grace period for paying policy renewal premiums for insured survivors affected by Hurricane Harvey. Those homes, while in the state's riskiest metro areas for flood, aren't in areas that the Federal Emergency Management Agency has designated as having the highest flood risk.

"The country has been here before, and we know what happens if the National Flood Insurance Program expires", said NAR President William Brown. Irma's wayward path also stokes the fears of some businesses and homeowners about the fate of the federal flood-insurance program: Will Congress keep the program afloat past September 30, when it is set to expire?

With Hurricane Irma approaching the USA, the health of stocks for Florida-connected insurers will likely be tied to the latest weather forecasts, according to a report by Benzinga.com. He encouraged property owners to have flood insurance for their homes and businesses.

Still, Irma could still cause significant water and wind damage.

The devastating floods left in Hurricane Harvey's wake are direct reminders of how destructive nature can be.

With 1,350 miles of coastline, the most in the continental United States, Florida has roughly 2.5 million homes in hazard zones, more than three times that of any other state, FEMA estimates.

However, the policies provided by NFIP come with strings attached and don't cover everything you own.

"As we've seen with Houston, you don't even have to be in a flood zone to get serious damage", Adams said.

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