MCC Update: Possible NFIP Lapse and More

MCC Update: Possible NFIP Lapse and More
Possible Lapse Approaching for National Flood Insurance Program

As of the writing of this message, Congress has not yet extended the National Flood Insurance Program, which expires at midnight on Tuesday, July 31st. The NFIP is no longer tied to the Federal budget, therefore requires its own bill to move forward. No major reforms are expected during this reauthorization, and we expect the eventual extension to move the NFIP expiration date to September 30th 2018.

This will continue to be an issue as Congress intends to only pass short term extensions for the foreseeable future.

FEMA has issued guidance for insurance companies on how to handle writing new flood policies, policy renewals, and claims during a flood program expiration. The MCC has created consumer guidance for you as an insured to know what to do before, during and after a flood program expiration. Overall, our guidance outlines that:

-If you have a flood policy renewing after July 31st, and within the next few weeks, PAY IT NOW

-If you are planning to close on a home after July 31st, PAY FOR THE POLICY NOW. If paid before the program expires, the policy will still go effective on the closing during a program expiration.

-If your policy is in force before the program expires, and you experience a claim, your claim will be handled as usual.

Download the Guidance HERE

Legislation Passes To form State Grant Program

On Thursday, the State Legislature passed language drafted by the MCC to create a commission that will study and create a state run grant or loan interest loan program to elevate and remove buildings from our most dangerous flood prone areas. Read the Patriot Ledger article in this weekends paper:

Read the story HERE

Hurricane Preparedness Downloads now Available

The MCC has added an entire downloads section for hurricane preparedness. Know what to do if a hurricane hits. Go to our downloads page and view the downloads.

Go to see the downloads HERE