While Federal Flood Insurance Program Expires, Consumers Have an Additional and Viable Option for Flood Coverage ; Scores of Americans Panic as Time Runs Out For $8,000 and $6,500 Home Tax Credits, Can't close on Home Purchase without Flood Insurance

SALT LAKE CITY, March 31 /PRNewswire/ -- Congress has allowed theNational Flood Insurance Program to expire for the second time thisyear, leaving scores of American homeowners in limbo. The floodprogram lapsed Sunday night after the U.S. Senate adjourned withouttaking action on a bill, HR 4851, that would have extended the floodprogram and other federal programs. Congress does not reconveneuntil April 12, meaning that homeowners will find themselves withoutcoverage and ruining any chance of real estate closings in flood-prone and other areas for more than two weeks. Fortunately, arelatively new online catastrophe insurance program,www.CatCoverage.com, is providing consumers with an additional andviable option for flood coverage. Poulton Associates is theprogram's administrator.

Many consumers continue to believe that the only place to secureflood insurance is through the National Flood Insurance Program(NFIP) administered by the Federal Emergency ManagementAdministration (FEMA). However, a growing number of homeowners andinsurance professionals have discovered an alternative to the NFIPthat has proven to be attractive to consumers looking for insurancecoverage. According to Poulton Associates the Internet based NaturalCatastrophe Insurance Program (NCIP), available atwww.CatCoverage.com is the nation's only privately underwritten,fully Internet based program that offers coverage for floods,landslides, and earthquakes in one policy underwritten by CertainUnderwriters at Lloyds.

Expiration of the NFIP's comes at a particularly bad time for thebeleaguered real estate industry because it's the end of the month,when the biggest proportion of closings are scheduled. Deals to buyhomes in flood prone and other areas can't close unless the lenderhas proof of flood insurance, and the situation leaves Realtors,insurance agents, title companies and banks scrambling to find waysto keep deals together. Unfortunately, extending sales agreementsuntil Congress reconvenes may not be possible. Real estate agentsare busy helping buyers put homes under contract by April 30, whentime runs out for $8,000 and $6,500 tax credits jeopardizing theeffectiveness of the American Recovery and Reinvestment Act (ARRA)as people rush to buy a home and other properties in order to makethe purchase deadline. Until Congress approves a reauthorization,the NFIP cannot issue new policies, increase coverage or approverenewal policies. On the other hand, the NCIP has proven to be astable and secure way to provide needed insurance coverage to manyproperty owners at any time.

The NCIP is underwritten by certain syndicates at Lloyd's ofLondon, using sophisticated mapping and virtual inspectiontechnology that often results in consumers paying lower rates forlandslide and flood coverage than for flood coverage alone. NCIPalso allows the policy owner to select coverage not provided by thedominant NFIP flood only insurance programs; such as additionalliving expense for homeowners and business income and extra expensesfor business property owners giving the consumer greater benefitsfor their money.

Poulton Associates Inc. is an established insurance brokerlocated in Salt Lake City, Utah and is licensed in all fifty states.For more information please visit www.CatCoverage.com for insuranceprofessionals, www.CatCoverage.biz for those not represented by anNCIP - CatCoverage producer or www.poulton.com.

SOURCE Poulton Associates