The government’s ability to provide new flood insurance contracts for Americans expired with two months left in the Atlantic hurricane season.
The debt-ridden National Flood Insurance Program’s authority to borrow funds from Treasury to operate while the government is shut down will be reduced to $1 billion from $30.4 billion because of the lapse, according to a Sept. 25 analysis from the Congressional Research Service.
The NFIP is the main provider of flood insurance for residential properties in the US. It’s responsible for approximately 5 million policies in more than 22,000 participating communities across the country, the CRS said. Property owners in ...