Federal Flood Insurance Expires May 31 ~ Hurricane Season Starts June 1
Buyers and homeowners alike need to be aware that the National Flood Insurance Program (NFIP) expires May 31, just one day before the opening of Hurricane Season.
Homeowners with a policy in force will have active policies during the halt of the Flood Insurance Program.
Buyers who need flood insurance for their closing must secure coverage before the May 31 deadline. Sellers may be able to transfer their policies to the Buyers. Buyers and their agents must be pro active about Flood Insurance policies at the beginning of a contract.
There will be no Flood Insurance available after the May 31 deadline.
The type of Homeowner's insurance that most homeowners have does not cover rising water in a home. NFIP insurance covers flooding from heavy rains, melting snow (not a problem here) and coastal storm surge. The NFIP policy pays $250,000 per house and $100,000 for contents. There is a 30-day waiting period from the start of the policy to its coverage date. Otherwise, every home in the state would file for flood insurance three days before the next hurricane.
There is pending legislation in Congress extending this program for 5 years with discussions of increasing the policy payment to $335,000 and contents coverage to $135,000. Please contact your Congessman and Senator and urge them to extend this program immediately.
To Ensure Proper Flood Insurance Coverages at Low Cost Please Contact
Jason Shroot @ 714-988-3325
