Industry News
Three-Day Government Shutdown, Three Week Reprieve
The three-day federal government shutdown ended with Monday’s compromise in Congress extending funding until February 8.
On Monday January 22, the Senate agreed 81-18 to end debate, approving a temporary funding plan through Feb. 8—the culmination of days of deal making that unfolded as both parties traded blame for the government closure that began at 12:01 a.m. Saturday. Senate Minority Leader Chuck Schumer said he and Senate Majority Leader Mitch McConnell had “come to an arrangement.” Later Monday, the House passed the continuing resolution 266-159, and President Trump signed it. PIA issued a statement.
This leaves almost three weeks for the parties to resolve deep differences on the issue of immigration, the major stumbling block that led to the three-day shutdown.
The National Flood Insurance Program (NFIP) did go into technical shutdown during the three days, but it has been reauthorized until February 8. During the three-day shutdown, FEMA had requested that agents and other industry professionals begin implementing its guidance.
A government shutdown would not have affected payment of flood insurance claims, and the insurance that people have would remain in effect. Where the effect of a shutdown is felt is with real estate closings, where lenders require flood insurance. The National Association of Realtors estimated in a 2011 study that the inability to write new policies affected 1,332 homes sale closings per day, or roughly 40,000 per month. The association derived the estimate from a 33-day period during the height of summer home sales in 2010 when the NFIP had not been reauthorized.
The three-day federal government shutdown ended with Monday’s compromise in Congress extending funding until February 8.
On Monday January 22, the Senate agreed 81-18 to end debate, approving a temporary funding plan through Feb. 8—the culmination of days of deal making that unfolded as both parties traded blame for the government closure that began at 12:01 a.m. Saturday. Senate Minority Leader Chuck Schumer said he and Senate Majority Leader Mitch McConnell had “come to an arrangement.” Later Monday, the House passed the continuing resolution 266-159, and President Trump signed it. PIA issued a statement.
This leaves almost three weeks for the parties to resolve deep differences on the issue of immigration, the major stumbling block that led to the three-day shutdown.
The National Flood Insurance Program (NFIP) did go into technical shutdown during the three days, but it has been reauthorized until February 8. During the three-day shutdown, FEMA had requested that agents and other industry professionals begin implementing its guidance.
A government shutdown would not have affected payment of flood insurance claims, and the insurance that people have would remain in effect. Where the effect of a shutdown is felt is with real estate closings, where lenders require flood insurance. The National Association of Realtors estimated in a 2011 study that the inability to write new policies affected 1,332 homes sale closings per day, or roughly 40,000 per month. The association derived the estimate from a 33-day period during the height of summer home sales in 2010 when the NFIP had not been reauthorized.
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