FEMA reverses decision to stop issuing new flood insurance policies

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WASHINGTON (Reuters) – The Federal Emergency Administration Company (FEMA) mentioned on Friday it’ll resume issuing new flood insurance coverage insurance policies in the course of the partial U.S. authorities shutdown, reversing a choice introduced two days in the past.

FEMA, which oversees the Nationwide Flood Insurance coverage Program, mentioned it was rescinding steerage issued on Wednesday that it will not have the ability to promote new insurance policies in the course of the shutdown except Congress passes laws reauthorizing this system.

“As of this night, all NFIP insurers have been directed to renew regular operations instantly and suggested that this system can be thought-about operational since December 21, 2018, with out interruption,” FEMA mentioned on its web site.

The Nationwide Affiliation of Realtors estimated the choice to not situation new insurance policies might have disrupted as much as 40,000 residence gross sales every month.

The flood insurance coverage program insures about 5 million houses and companies.

The federal authorities has been partially shut down since Dec. 22 due to an deadlock over President Donald Trump’s demand for $5 billion in taxpayer funding for a proposed border wall.

(Reporting by Eric Beech, enhancing by G Crosse)

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