In the video below, Alan Donald with Keller Williams Realty talks about the different types of insurance products involved in buying and owning real estate.
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On June 24, the FHA responded to a request from the National Association of Realtors (NAR) and other groups, regarding the use of the FHA 203K Renovation Loan program for flood mitigation.
Back in February, NAR and the coalition asked FHA to confirm the eligibility of the FHA 203K program for the rehabilitation of homes that have not been damaged in a flood, but are at risk of damage from future flood events.
In the past, the renovation loan program has been used to rebuild homes affected by floods, and the question was if the 203K program could be...
Flood insurance is still a topic that is very confusing for everyone, including insurance agents.
After the debacle caused by the implementation of the Biggers-Waters Flood Insurance Reform Act last year, Congress has now partially reversed their legislation.
The Federal Emergency Management Agency (FEMA) released a bulletin stating that pre-FIRM subsidized rates can start being transferred to buyers and policy purchasers starting May 1. This is the first implementation phase of the new Homeowner Flood Insurance Affordability Act.
The idea behind this legislation is to get FEMA back in the black after the heavy losses experienced after Hurricane Katrina, by migrating from a "subsidize...
Robyn Paul with Harbor National Bank sent me this article that will bring a big sigh of relief for all of us living on the coast of the US:
Bipartisan Deal Reached to Delay Flood Insurance Premium Hikes: Waters
Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.
Rep. Maxine Waters, ranking member of the House Financial Services Committee, announced the bipartisan legislative fix for the National Flood Insurance Program (NFIP) that she said will assure that “changes are im...
FLOOD INSURANCE is going to be the "hot topic" in real estate for the next few months in all the coastal areas of the U.S. Flood insurance rates may increase substantially as FEMA stops subsidizing them, which may cause major problems to real estate transactions.
What can coastal property sellers and buyers do proactively to avoid price shocks and frustrated transactions?
Sellers:
- Get a Flood Elevation Certificate
- Obtain a Flood Determination and a flood insurance quote from an educated flood insurance agent, and retain a flood insurance consultant if there are any errors in the flood zone classification.
- Increasing insurance deductibles may lowe...
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.
...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...
