NEED FLOOD INSURANCE TODAY? SENATE SAYS, NO WAY!

For the fourth time, the US Senate has let the funding for flood insurance lapse.  What does this mean for the economy?    Basically it puts a halt to any loans that are in process, where the loan collateral is in a flood zone requiring flood insurance.  You can read more about the lack of funding here: http://bit.ly/dAQhu5

Why is it so hard to fund the National Flood Insurance Program?  The answer is political and probably better left off this blog!

So what can you do if you need flood insurance now?  Unfortunately, not much!  You can wait until the Senate reconvenes and decides to fund flood insurance or you can try to convince your mortgage broker to accept one of the alternative flood insurance offerings available through Lloyds of London or other brokerage houses only available to those who live in some states.

Frustrated?  Call your Senators through the US Capitol Switchboard: (202) 224-3121 and let them know.