Flood Insurance Becoming A Rare Commodity
The Federal National Flood Insurance Program expired 2/28/10 and so lenders have not been able to get flood coverage for anyone since then. The House just decided today to extend the federal flood program for 30 days.
This is especially important to anyone that might be closing on a property that is in a flood zone and flood insurance is required by the lender…closings within the next 30 days. It is suggested that you move quickly to get the flood insurance bound. The elevation certificate is required for properties that in are Zone AE. A Flood quote can’t be provided without it.
Below is the most recent update…
| Volume 4, issue 5 | March 3, 2010 |
NFIP Reauthorization Extended for Next 30 Days
The Senate passed a bill last night by a vote of 78-19 that extended the re-authorization of the NFIP for the next 30 days. It passed the House last week and President Barack Obama signed the bill into law quickly as it was tied to jobless benefits and put 2,000 Transportation Department workers back to work today. The re-authorization of the NFIP was not enacted retroactively at this time affecting transactions to issue new policies, increase coverage on existing policies and continue renewal policies during the lapsed period from the February 28th midnight expiration through March 2nd. Congress continues to debate this point and hopes to gain the retroactivity feature in the very near future.
