The National Flood Insurance Program (NFIP) has been extended through May of this year!  The program, which expired on March 28th of this year leaving many homeowners and potential homebuyers in limbo, was part of a larger bill that included an extension of COBRA health benefits and unemployment was signed by Obama Thursday.

The vote in the Senate approved this $18 billion bill 59-38, despite the Republican opposition.  Only three of the Senate Republicans joined the Democrats in approving the extension, claiming the bill was not paid for and should have "corresponding spending cuts elsewhere". 

According to the officials of the Independent Insurance Agents and Brokers of America, “In theory, the NFIP will now return to normal operations and, since the extension is also retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application."