The flood insurance program set to end next Thursday has been temporarily addressed again.
Many worried Realtors and homeowners with properties for sale at the shore are relieved today after the Senate decided to extend federal flood insurance for another 60 days.
The real estate industry and homeowners have been dealing with insurance issues since Hurricane Katrina in 2006 set the already suffering National Flood Insurance Program $16 billion more behind. The program has lapsed a few times since 2008, and we all have to keep fearing for another.
The problem has not been remedied but is pushed-off for another block of time, so as not to disturb any property sales in our recovering shore real estate market. This is the 12th extension in the past five years. Properties in our shore markets are required to have this coverage — so a resolution to this ongoing problem is a must.
For now, we can all take a sigh of relief and hope that Washington will take the next two months to figure out how to come to a total solution on this issue.
(Caroline Watts, 200 34th Street, 609-254-4756, caroline@prufoxroach.com Search homes at www.OCNJMLS.com)
