ST. PETERSBURG, Fla. — The clock is ticking for Congress to reauthorize the National Flood Insurance Program managed by FEMA.
Lawmakers have until 11:59 p.m. Friday to give the federally backed insurance program the green light to continue operating.
The National Association of Realtors states a lapse could impact about 1,300 property sales each day and upwards of 40,000 closings per month nationwide if a lapse were to occur.
FEMA states during a lapse, it would still have the authority to pay out valid claims while funds are available. However, it would not be able to sell or renew policies.
Since the last multi-year reauthorization expired in 2017, FEMA states there have been 3 brief lapses and 31 short-term extensions.
FEMA has proposed more than a dozen proposals to Congress that would reform the NFIP.
This includes a long-term extension for the flood insurance program through September 2035.
Friday's looming deadline for Congress comes on the heels of a devastating hurricane season for Tampa Bay.
Now, a local realtor said she hopes to see a permanent solution made in storms' wake.
"As someone who was just flooded, I mean it's hundreds of thousands of dollars," realtor Cyndee Haydon said. "And so, to not be able to have that protection, puts the family's whole financial future on the line. So, we would really ask them to give that authorization and hopefully this year, we see them do a permanent reauthorization so every few months people aren't having to go through the stress of this."
Congress is in session this week but experts suggest paying for a policy now, even if you intend on closing on your property after friday, to have protections in place if a lapse does happen.
In a statement, Rep. Kathy Castor of Florida's 14th district responded to the reauthorization request:
“Families across Florida were hit hard by back-to-back hurricanes. Homes were flooded, neighborhoods uprooted, and businesses left struggling to reopen. For many of our neighbors, the National Flood Insurance Program (NFIP) has helped families rebuild their lives after these tragic storms. The NFIP helps people bounce after a flood, and it is critical that it act with urgency. Congress has the responsibility to safeguard these protections, strengthen the NFIP and invest in climate resilience measures that protect lives and livelihoods. It’s essential that Congress reauthorize the NFIP alongside passing desperately needed disaster assistance for individuals and businesses.”