What Happens If the National Flood Insurance Program (NFIP) Lapses? [Updated March 17, 2022] [open pdf - 818KB]
From the Document: "This Insight provides a short overview of what would happen if the National Flood Insurance Program (NFIP) were not to be reauthorized by September 30, 2022, and allowed to lapse. [...] Unless reauthorized or amended by Congress, the following will occur on September 30, 2022:  The authority to provide 'new' flood insurance contracts will expire [hyperlink]. Flood insurance contracts entered into before the expiration would continue until the end of their policy term of one year.  The authority for NFIP to borrow funds from the Treasury will be reduced from $30.425 billion to $1 billion [hyperlink]. Other activities of the program would technically remain authorized, such as the issuance of Flood Mitigation Assistance Grants [hyperlink]. However, the expiration of the key authorities listed above would have potentially significant impacts on the remaining NFIP activities."
CRS Insight, IN10835
Congressional Research Service: https://crsreports.congress.gov/