The National Flood Insurance Program expires at midnight on Friday, May 31, 2019

LOUISIANA REALTORS • May 30, 2019

WHAT: 

The National Flood Insurance Program (NFIP) will expire at midnight on Friday, May 31, 2019, resulting in a lapse in the program.    Congressional Leaders are working to expedite a vote to extend the program and the vote could occur as early as Monday, June 3. 


IF YOU HAVE A CLOSING COMING UP:

NFIP is authorized to renew/issue new flood insurance policies until 11:59 pm on Friday, May 31st, but will not be able to do so after that time unless Congress extends the program.   If your buyer needs to obtain flood insurance they should try to obtain it today (May 30th) or tomorrow (May 31st). 


IF YOUR BUYER IS NOT ABLE TO OBTAIN FLOOD INSURANCE BEFORE THE PROGRAM LAPSES:

During a lapse NFIP cannot sell or renew flood insurance policies.  However, if a seller has an existing policy it may be assigned to or assumed by property buyer during a lapse of the NFIP. 

The federal requirement to purchase flood insurance is also suspended during a lapse, which means it is entirely up to lenders to decide whether to continue making loans in special flood hazard areas while flood insurance is not available from the NFIP.  However, do not rely on this possibility.

Private flood insurance may not be an option as LR is not aware of any insurers admitted in Louisiana that provide standalone private flood insurance.  Private flood insurance is usually only written as surplus insurance and is often not available in flood prone areas.

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