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Is Your Closing Underwater? No New or Renewal Flood Insurance Policies Can Be Issued!!

By
Real Estate Agent with Robert Paul Properties

 

Here we go again! Congress left town without reauthorizing the National Flood Insurance Program (NFIP).  Until they extend NFIP, no new or renewal flood policies can be issued, this means thousands of residential and commercial transactions are on hold. 

If you need guideance and more information about this situation you can to the National Flood Insurance Program to learn more about the hiatus.

Some of your most frequently asked questions and answers can also be found on the FEMA website so you can be more informed to get your scheduled closings done.

About the author: This blog is provided by Laurie Bailey-Gates, a Realtor with Virtual Homes Real Estate. Laurie can be reached via email at Laurie.baileygates@virtualhomes.com or by phone at 508-265-6722.

If you are thinking of buying or selling your home, contact me today! I will provide you with service, trust and the most advanced technology for today's market.

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Posted by

Laurie C. Bailey-Gates

Robert Paul Properties

Serving Cape Cod, Massachusetts

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Comments (4)

Marian Goetzinger
Pine Knoll Shores Realty 252-422-9000 - Pine Knoll Shores, NC
Crystal Coast Real Estate NC

Hey Laurie,  I'm afraid we've counted on the government's help and too often it's not coming.  What now?  Nice post.  Welcome aboard.

Jun 05, 2010 12:37 AM
Michael Ford
Coldwell Banker Heritage Homes - Marion, AR
Matching Families with Homes

Hi Laurie,  I think if you check further you will find that you can renew or transfer existing flood policies.

Jun 05, 2010 01:57 AM
Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

Hi Michael,

I am looking into that but the Seller of a property I have under contract and is due to close late June said that her insurance carrier won't transfer the insurance.

When she inquired why, they said because the insurance is predicated on the mortgage amount.

Jun 05, 2010 02:26 AM
Lynda Longmire
Virtual Homes Real Estate - Stoneham, MA

Thanks for the heads up - have you checked into the cost of flood insurance with a private carrier?  Is this cost prohibitive for the buyers until the federal program is funded if they are unable to assume the existing policy?

Jun 06, 2010 07:41 AM