Flood insurance program could lapse in midst of hurricane season. What home buyers need to know

Personal Finance

Source: National Flood Insurance Program, Federal Emergency Management Agency

Since September 2017 alone, lawmakers have enacted six short-term extensions.

“We’ve been hearing from some of our members where flood insurance is a big issue for their market. They aren’t in panic mode, but there is concern,” said Ken Wingert, senior legislative representative for the realtors’ group. “The uncertainty is not helpful.”

Additionally, homeowners whose policy expires after July 31 would be unable to renew it if the program expires. However, policy holders get a 30-day grace period, so they would at least have coverage for a month after their policy ends.

The House passed a bill last fall that would reauthorize the program through 2022, although the Senate has yet to act on it. Lawmakers have been divided over a variety of provisions in the measure, including how to expand the private flood insurance market, how to reform the claims process and how to fund improvements to outdated flood maps, Wingert said.

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