The National Flood Insurance Program, which is set to expire Sept. 30, could face new funding threats as Congress looks for budgetary cuts, according to an insurance industry lobbyist.
The flood insurance program, which provides about 5 million homeowners in the U.S. with insurance coverage against flood, had three short-term extensions in 2010, but not before it lapsed twice. When lapses occur or are threatened, insurance agents say the volume of calls they receive goes way up as property owners worry whether they can buy or sell their properties, or are protected against a flood. When the two lapses occurred last year, property sales were delayed.
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