Congress extended the National Flood Insurance Program (temporarily that is) until May 31. Coverage is retroactive to February 28, 2010. We discussed this in a March 31st Blog. If you made a loan secured by improved real estate in a Special Flood Hazard Area since February 28th, you’ll now need to obtain a flood insurance policy on the improvements. Any policy that was supposed to renew during the lapsed coverage can now be rewritten as well.
Notice the extension is only until May 31st. Stay tuned as we may have a lapse again (that would be the 3rd one of 2010). This is getting really old.