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Flood Insurance Issues for Home Buyers/Sellers
Is the property in a Special Flood Hazard Area (SFHA)? 
Lenders require property owners within a SFHA zone to carry flood insurance
If there is no mortgage on a property, the owner may not be aware of the SFHA zone status of the property. Knowing a property’s SHFA status and flood insurance requirements upfront is important to avoid surprises that could bring a sales negotiation to a grinding halt.
Sellers can assign an existing flood insurance policy to a new buyer.  
If your current flood zone is being grandfathered, the buyer is able to take advantage of that as well. This can make flood insurance more affordable compared to buying a new policy.
If the SFHA zone has changed due to a redrawing of maps, NFIP will not change the flood zone if there has been continuous coverage.  Depending on the bank, sometimes they will not recognize this and force the policy rating to be changed. Requests to assign a flood policy to a new buyer must be signed and submitted prior to the closing date.  Refunds are not issued from the flood carrier.  You can calculate what the estimated refund would be and handle it at closing. If you are selling your home and ... more

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