Homeowners looking to buy flood insurance should act fast because they may not be able to do so once hurricane season starts.

The National Flood Insurance Program is set to expire on May 31—the day before the official start of hurricane season—unless Congress extends it. If Congress doesn’t extend the program, existing policies will remain active, but consumers will not be able to buy or renew policies or increase their coverage.

The legislation extending the flood program is tied to legislation that briefly extends unemployment and COBRA health benefits. So far this year, the flood program has been suspended twice due to members of Congress arguing over certain issues in the packaged legislation, thus delaying its passage.

Most recently in the saga, the flood insurance program lapsed from March 29
to April 15.

Flooding isn’t typically covered in standard homeowners’ insurance policies, which is why the 42-year-old federal program is so important. Not only is flood insurance mandatory for those living in areas prone to flooding, but it also covers events like heavy rains and coastal storm surges, which often result from hurricanes. This flood insurance program is critical for Americans living along the East Coast and Gulf of Mexico.

Homeowner limits are $250,000 for a house and $100,000 for contents. However, some private insurers offer coverage when damage reaches or surpasses federal caps.

Although insurance experts predict that the government won’t allow the flood program to relapse again, that doesn’t mean those looking to insure their homes and belongings should risk the wait.

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