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Old 03-31-2010, 08:22 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,488,316 times
Reputation: 6794

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As if we didn't have enough problems with insurance:

Flood insurance program expires - again - South Florida Business Journal:
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Old 06-03-2010, 10:04 PM
 
49 posts, read 167,597 times
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I am wondering if you can get out of your purchase contract due to the current flood insuranc lapse. If its a contigency to get a loan , Iwould think you could get out of your contract.
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Old 06-03-2010, 10:27 PM
 
615 posts, read 1,712,723 times
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Quote:
Originally Posted by hbondra View Post
I am wondering if you can get out of your purchase contract due to the current flood insuranc lapse. If its a contigency to get a loan , Iwould think you could get out of your contract.
Possibly. If your mortgage company requires you to have flood insurance, and you can't get it, I guess you're financing wouldn't go through and you could possibly have an out.

Our insurance company seems to think its a temporary lapse and they will start writing policies again within the next few weeks. In the meantime, we can't get a policy. The house is in a zone "X", but we always carry a policy anyway...we're hoping they start writing them again soon.

Are you looking to get out of your contract!?
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Old 06-04-2010, 07:32 AM
 
Location: Jacksonville, FL (Mandarin)
2,560 posts, read 6,501,664 times
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I would suggest reading your purchase contract to see if there's a specific contingency for the inability to obtain flood insurance. And, certainly, your mortgage company will require it, if your home is in a specific flood zone. Unless I'm misreading that link, this is only talking about the National Program and not any private insurers. So, that would lead me to believe you're probably still able to obtain flood insurance from other private insurers. I've never dealt with any flood zone properties, so I can't really speak from experience. Here's a link to FEMA's website about it: http://www.fema.gov/business/nfip/nfip-reauth.shtm (broken link)
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Old 06-04-2010, 08:24 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,488,316 times
Reputation: 6794
Private flood insurance costs a small fortune. And I agree that you have to look at the terms of the contract to see what your legal rights/obligations are.

This situation is totally ridiculous. The Senate going into recess without reauthorizing the program at the start of hurricane season. I think I'd rather have my hairdresser as a Senator than the clowns who are currently representing us there. Robyn
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Old 06-06-2010, 06:08 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,488,316 times
Reputation: 6794
And another FYI - State Farm has just announced that it will not be a servicing agent for federal flood insurance starting in a month or so. So FEMA will have to get a huge new network of insurance agents. Robyn
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