Short term extension of national flood insurance program likely
... as part of a bill that the House passed to keep the government running through November 18 according to Housing Wire. The Senate passed the measure last week. The President is expected to sign it but a longer term (5 year) solution is necessary in order to have a properly functioning real estate market.
As we've seen especially this year, it isn't just coastal areas like Charleston that have flood zones and floods. And while some might argue that a national flood insurance program encourages building homes in "risky" areas, the fact is that many millions of people could lose everything in the event of a disaster without even living in a flood zone.
Full disclosure, I personally don't live in a flood zone but I do have flood insurance because I believe it is important to protect my property. I don't have any affiliation with any insurance companies issuing flood insurance or make any money on flood insurance premiums as a result of writing this post.