A Lapse of what?

Flyers, New Orleans LA 7/2007

all reproduction rights reserved Wm. Greiner

FEMA says flood policies in Louisiana lapse! A large number of flood policies were sold in Louisiana after Huiricanes Katrina and Rita (approx. 100,000). About 15% of those have not been renewed, which FEMA cites as a high percentage.

Either people have short term memories , don't beleive their property can flood or simply cannot afford the added expense?