By Jacque Day
National – The National Flood Insurance Program is on hiatus. The Federal Emergency Management Agency announced this week that until Congress reauthorizes NFIP, FEMA no longer has authority to issue new or renewal flood insurance policies. This does not affect existing flood insurance policies, policies renewed within a 30-day grace period, or policies purchased prior to the program's lapse. The limited interruption could affect homebuyers who must purchase flood insurance to obtain a mortgage from certain lenders, and property owners refinancing existing mortgages. FEMA reports, the hiatus is expected to be brief, though the agency gives no end date.