About 9,000 mortgage closings a week could be affected.
the hurricane season in 2020 surpassed 2005 as the most active tropical storm season, ending in 30 named storms, which occurs when storms develop a wind speed over 39 mph.
Floods are the most common and destructive natural disaster in the US, accounting for over 90% of the country's natural disasters, according to the Center for Insurance Policy and Research. "We urge an immediate extension of the NFIP. Extending the NFIP would ensure this vital program does not lapse in the middle of hurricane season or create additional challenges for residential and commercial property owners, buyers, managers, renters, and tenants," the joint letter stated.
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