Hours before the national flood insurance program was about to expire, President Obama signed a bill into law to extend the program for yet another year. The future of this program is uncertain and has been in limbo for some time.

Coverage lapsed earlier this year when heavy rains hit places like Oklahoma City causing angst for homeowners, holding up payment of claims and affecting home sales in flood zones where mortgage companies require flood insurance. This is one of the reasons Oklahoma Insurance Commissioner, Kim Holland pressed for a more permanent solution, especially because flood damage is not covered under a standard homeowner’s policy.

“With severe flooding this year, I am encouraging Oklahomans to carefully evaluate their risks and consider purchasing flood insurance,” Holland said. “It is important to make sure Oklahomans are protected…every Oklahoman should be aware that a flood can happen almost anywhere.” (Staff Reports, 2010)

The National Flood Insurance Program is administered by the Federal Emergency Management Agency, which offers flood insurance purchased through property and casualty insurance agents.

The Flood Insurance extension will expire September 30, 2011.

Learn more about Flood Insurance; take CEU.com’s online Flood Insurance Course.

Graham, B. (2010, October 3). President extends National Flood Insurance Program for one year. Retrieved October 2010, from IFAwebnews.com: http://ifawebnews.com/2010/10/03/president-extends-national-flood-insurance-program-for-one-year/

Staff Reports. (2010, October 6). Flood insurance program extended. Retrieved October 2010, from NewsOK: http://newsok.com/flood-insurance-program-extended/article/3501848