As a homeowner in Missouri, this kind of development scares me, and I’m not even interested in selling our home. It’s possible that without congressional action, it will be much more difficult to buy or sell a home in Missouri come October.

It’s no secret that many homes in Missouri are located in flood zones, which makes an article from CNBC shocking. It states that America’s National Flood Insurance Program, which insures most homes in flood-prone areas, must 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 buy a home in a flood zone cannot do so without purchasing separate (and likely very expensive) flood insurance from a third-party company. This would also affect Missouri homeowners trying to refinance their financing if their home requires flood insurance.

This could also mean that mortgage lenders could force homeowners to purchase flood liability insurance if their home is located in one of these at-risk areas in Missouri.

The Missouri State Emergency Management Agency estimates that 280,000 properties in Missouri in these flood plains.

In the past, Congress has extended the program at the last minute, just before it expired. If it were to be interrupted for bureaucratic reasons, it could spell big trouble for some Missouri homeowners, because the report says there aren’t many private companies that offer any kind of flood insurance at all.

For the sake of thousands of Missouri homeowners living in these vulnerable areas, let’s hope Congress finds a solution before it’s too late.