Insurance Commissioner Stephen Taylor is encouraging District of Columbia homeowners and home buyers who plan to purchase flood insurance to do so now, rather than wait. Unless Congress acts to reauthorize the National Flood Insurance Program (Program), it will lapse on July 31st leaving homeowners and home buyers without an option to purchase flood insurance during this hurricane season. This means existing policyholders would retain coverage, but no new policies can be written after July 31st. Home buyers whose lenders require flood insurance because the home they are purchasing is in a flood risk zone may not be able to close on their home without flood insurance. It takes 30 days for a new flood insurance policy to take effect.
Who May be Affected if the National Flood Insurance Program Lapses?
- Homeowners who plan to buy flood insurance
- Home buyers who are required to buy flood insurance, but have not closed
- Existing policyholders whose flood insurance policies expire after July 31, 2018
If you may be affected by a lapse in the Program, please contact your insurance agent immediately to discuss your options. When you call your agent, you should discuss whether to renew your policy and pay early so your coverage does not lapse. If you pay for flood insurance through an escrow account and have a mortgage, be sure to contact your lender to discuss your renewal. If you cannot reach your agent, you can also contact the National Flood Insurance Program on (800) 638-6620. You can also contact the Department of Insurance, Securities and Banking on (202) 727-8000 if you have any questions.