FLOOD INSURANCE

Federal funding for the National Flood Insurance Program expired back in February, and Congress has let it lapse several times this year.

Last week Congress passed (and President Obama signed) a 2-month extension for this program, which is essential to get FLOOD INSURANCE for homes.

The flood insurance program is administered by FEMA and Congress needs to appropriate funding to extend its funding. But since they have been busy with other topics (and their 2-week vacation!), Congress has let it lapse several times this year, patching up the hole with temporary extensions.

Right now, if you wish to purchase flood insurance, you will only be able to do it until May 21st.

Condo Loans Now Require HO6 Insurance

All CONDO LOANS, including those backed by the government, Fannie Mae & Freddie Mac, now require the buyers to purchase HO6 (contents/wall-in) insurance, and require the premiums to be included with the escrow reserves.

Although these guidelines were published back in 2008 by these agencies, it had never been enforced by them until now. Fannie, Freddie and other investors are now requiring this coverage.

Blog Author's Note: This article does not necessarily reflect Keller Williams' or my own point of view. But Mel brings up some key points on earthquake insurance that I thought would benefit most homeowners.

EARTHQUAKE INSURANCE
By Mel Rodriguez, CT Lowndes & Co.

The first 2 months of 2010 have featured two major earthquakes, in Haiti and in Chile, that have caused much damage and many deaths. If the Charleston area were to experience a catastrophic earthquake, would your insurance policies provide the protection you need? Here are some answers to questions you may have. But be sure to understand that all insurance policies are not alike and you must read your policy and/or speak to your...