Thought this might be of interest. If the market isn't unstable enough, now they are not going to renew flood at this time.
I just got off the phone with National Flood Services and it looks like as of Tuesday we will not be able to write new flood business until congress postpones the decision for x amount of days again or until they make a final decision on the National Flood Insurance Program. If we do have to write a new flood policy what we will have to do is complete an application with the requested eff date on it, get the insured to sign the app on or before the effective date, receive payment on or before the effective date, and once everything is back to normal the National Flood Insurance Program will most likely retroactively honor the effective date on the application. Unfortunately I doubt mortgage companies will accept this as proof of coverage. However this is a little bit of good news. If there is already a flood policy in effect it can be transferred to the new buyer. The coverage can not be altered but it can be transferred. Polices that are already in effect and coming up for renewal should be renewed just like they have been in the past. Hopefully our government will get all of this settled by Tuesday and none of this will be an issue. If I hear anything else I will keep you updated.
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C. T. Lowndes & Company
487 Highway 174
Edisto Island, SC 29438
Phone (843) 869-2141
Fax (843) 869-3836