If you were planning to close on a new home in early January you will probably have to change those plans. Insurance agents say people who buy homes in flood zones are required to have flood insurance. However, that may be impossible to get after December 31st.
Congress adjourned for the year without extending the National Flood Insurance Program which underwrites 95 percent of all polices. So on January 1 many home and businesses owners will wake up with a big headache.
Insurance agent Kathleen Morrison said "People who are buying new homes or refinancing for an increased amount may have a problem or probably are going to have a problem because they won't be able to get a new flood policy or an increased policy."