Flood insurance program could lapse in midst of hurricane season. What home buyers need to know
Jun 13, 2018
With hurricane season under way, home buyers who plan to get flood insurance through the federal government might want to speed up their purchasing process.
Unless Congress takes action, the National Flood Insurance Program will lapse at midnight on July 31.
While existing policy holders would retain coverage if the program is not reauthorized, no new policies could be written. This means home buyers whose lender requires flood insurance could be unable to close on the purchase if they have no policy options.