The US hurricane season starts in June, but authorisation of the National Flood Insurance Program (NFIP) is due to expire at the end of May.

Legislation has stalled because legislators have not agreed on whether to pursue reforms or simply reauthorise the same program.

The NFIP is the only flood insurance available in the US, so a lapse in the program would have huge potential repercussions for property owners. Federal law states that homes in flood-risk areas must have flood insurance before a mortgage can go through.

In the UK, the Government and the insurance industry have been in talks for months about whether or not flood cover will continue to be universally available.

The UK Government has said it will not subsidise all flood insurance, but may target “those in most need”.

The Association of British Insurers would prefer that all homes be covered, but with annual premiums capped.

The association says properties with a risk priced above this cap could obtain insurance from a fund made up of home insurance policy levies.