– If you currently have a policy that is expiring shortly, PAY IT IN FULL NOW. You do not want it to lapse…. You will not have flood insurance and you will NOT be protected if you have flood insurance.
– If you are buying or selling a home is a SFHA, you should immedietly pay for the flood policy. You will NOT be able to purchase flood insurance if it lapses.
In 2012 the NFIP expired and over 40,000 real estate deals in flood zones were put on hold, until the NFIP was hastily reauthorized – hence the Biggert-Waters Act.