Visalia homeowners whose homes were not in a flood zone under the previous FEMA map but find themselves now in a flood zone due to FEMA's changes to the Visalia flood zones can find relief. This also helps home buyers and sellers who are considering a purchase or sale of a home that is in a flood zone that requires flood insurance. A property that meets the criteria may be eligible to receive flood insurance at a discounted rate if the property is grandfathered in, due to the previous flood zone not having required flood insurance.
President Obama on Friday signed HR 5569, the National Flood Insurance Program Extension Act of 2010, funding the program through Sept. 30, 2010. The bill is retroactive and covers from June 1, 2010 to the date of enactment of the extension. Flood insurance is required for mortgages on properties in the 100-year floodplain. Congress has allowed the program to lapse three times this year, forcing many real estate transactions to be placed on hold and, in some instances, canceled.