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Congress still hasn’t renewed flood insurance

Congress still hasn’t reauthorized flood insurance through their NFIP National Flood Insurance Program, which has been in limbo since May 31st. Flood insurance seems to be held hostage as an add-on for other bills in Congress. Meanwhile, real estate closings are affected as well as flood insurance renewals. Lenders MAY close loans based on the receipt of a completed flood insurance application and funds for a year’s premium, but that’s only one of their options.

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