Your Lending Needs, Still Covered & Supported: Notice Regarding Flood Insurance during the Government Shutdown
The National Flood Insurance Program (NFIP) is a federal program that relies on congressional authorization. Due to a lapse in the NFIP, FEMA is currently unable to issue or renew flood insurance policies.
Lending Service is Fully Available
Monson Savings Bank remains committed to serving your lending needs.
Loan closings that require flood insurance can still proceed during this lapse in the NFIP.
We have a system in place to ensure you still receive the reliable service and attentive support Monson Savings Bank has always provided.
Supporting You Every Step of the Way
If your property is located in a Special Flood Hazard Area and flood insurance is required, please note:
- Flood insurance payments may be delayed due to the program lapse.
- New NFIP policies cannot be issued until Congress reauthorizes the program. However, Monson Savings Bank will ensure policies are obtained promptly once reauthorization occurs for properties subject to the mandatory purchase requirement.
- Existing NFIP policies remain valid until their expiration date.
- Private flood insurance may be available and may meet federal requirements.
We are closely monitoring the situation and will provide updates as needed.
We are here to help.
If you have questions or would like assistance exploring private flood insurance options, please contact us.
