The authorization of the National Flood Insurance Program expires alongside the government's funding at 12:01 a.m. Sunday.
When a person wants to purchase property in an area with a significant flood risk — called a special flood hazard area — flood insurance must be secured to get a mortgage loan. The National Flood Insurance Program provides that insurance.won’t be able to issue new policies“That has the practical impact, in a lot of cases, of holding up real estate transactions where flood insurance is required,” said Chad Berginnis, executive director of the Association of State Floodplain Managers.
About 4.7 million flood insurance policies in the United States are from the National Flood Insurance Program, according to the Congressional Research Service. Existing policies would remain in effect and FEMA would still be able to pay out claims until the program’s funding runs out. Last month, the program had about $3.8 billion in its funds, including reserves,A prolonged shutdown and lapse to the program could strain FEMA’s ability to pay out claims after multiple major disasters. Atlantic hurricane season ends Nov. 30.
The flood insurance program has experienced some brief lapses in the past. Earlier this month, Sen. John Kennedy, a Republican in flood-prone Louisiana where 500,000 use the National Flood Insurance program,
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