It Might Be Harder to Buy or Sell a Home in Missouri in October

As a homeowner in Missouri, this is the kind of development that terrifies me and I'm not even interested in selling our home. It's possible that without intervention from Congress, it might get much harder to either buy or sell a home in Missouri starting in October.

It's no secret that many homes in Missouri are located in flood zones which makes an article from CNBC harrowing. They say that America's National Flood Insurance Program which insures most homes in flood-prone areas needs to be renewed by September 30, 2024.

What happens if Congress does not renew the National Flood Insurance Program by September 30?

The report says that someone trying to either buy a home in a flood zone would be unable to do so without purchasing separate (and likely very expensive) flood insurance from a third-party company. This would also affect Missouri home owners who are trying to refinance if their home requires flood insurance.

It could also mean that mortgage lenders could force home owners to go obtain third-party flood insurance if their home is in one of these endangered Missouri areas.

The Missouri State Emergency Management Agency estimates there are 280,000 properties in Missouri in these flood areas.

In the past, the program has been renewed by Congress in the 11th hour just before it expires. If somehow bureaucracy causes a lapse, it could mean big trouble for some Missouri home owners as the story says there are not many private companies even offering any type of flood insurance.

Let's hope for the sake of thousands of Missouri home owners in these at-risk areas that Congress figures out a way forward before it's too late.