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Really private insurance does not want to meet the demand of flood insurance and especailly in some areas.
oh, i don't buy that. insurance is just a numbers game. no matter how much risk there is, they can always raise premiums to cover it.
now, a particular state might be too corrupt or stupid to allow the insurance market to work properly ... but that'd be an issue for that state's legislators to solve. homeowning voters get cranky when you take away their insurance subsidies.
homeowning voters get cranky when you take away their insurance subsidies.
This homeowning voter would be jumping up and down for joy if they got rid of NFIP and the flood maps. We have a stream by the side of our property. It has NEVER, EVER flooded. We had record flooding in our town in March (National disaster area). Did our stream flood? Nope! If I had the option to buy flood insurance there's not a chance I would. But now I'm "required" to AND it's "impossible" to do.
The question I had for her was "Well-if there is a hurricane next week are those people actually covered?"
The answer is "possibly". It depends if Congress makes the reauthorization retro-active to the last active date. If it's not made retroactive then they are SOL.
Well, still here waiting on Congress to pass the bill. Sad thing is, if we don't close by June 30th, we lose out on the FTHB tax credit. Who woulda known in April when we opened escrow, that we wouldn't be closed by June 30th. (btw this is a regular sale!)
Well, still here waiting on Congress to pass the bill. Sad thing is, if we don't close by June 30th, we lose out on the FTHB tax credit. Who woulda known in April when we opened escrow, that we wouldn't be closed by June 30th. (btw this is a regular sale!)
Many lenders around here are allowing the loans to close if there is an existing policy and it is transferred to the buyers.
There are also some lenders that are allowing the loans to close as long as the buyer pays for a flood insurance policy AS IF the program were active.
Well I tried asking my agent if there were any routes around this, and he said that it's a little more difficult because its not that I, personally, need the flood insurance, but the lender requires that the HOA have at least 6 months on their policy. The HOA currently has a flood insurance policy that expires next month.
Honestly, I haven't talked to the LO myself, just been going through my agent, to ask the LO. Should I try to contact the LO myself?
Well I tried asking my agent if there were any routes around this, and he said that it's a little more difficult because its not that I, personally, need the flood insurance, but the lender requires that the HOA have at least 6 months on their policy. The HOA currently has a flood insurance policy that expires next month.
Honestly, I haven't talked to the LO myself, just been going through my agent, to ask the LO. Should I try to contact the LO myself?
IDK-maybe. I don't think it can hurt. I am sure your agent wants to get the deal done as well.
You cannot be the only one in this position. Here in FL almost every single property is in a flood zone and people are closing. We are buying a property where there is no HOA so we only have to be concerned about the individual policies.
I think you need to do more research on this yourself (not on-line) . I am personally getting these deals done - I called six banks last week ,they each looked at it differently some are bus. as usual others are case by case, and some as it sounds like yours are zero leniency - and yup some policies are transferable, some banks just want a flood/elev. certificate from an engineer for the agency to write a policy that takes effect when funding occurs - I had one guy get his app processed the day before the cut-off, had another one transfer, and yet another simply escrow the premium until the policy come back. After following the thread for some time now I see too many details missing, to think all resources have been exhausted. Personally I never communicate the banking stuff to my clients for the bankers, my clients the bank and I work in a triangle not a line - same if we add ins. folks into the mix, that way we are all in the loop on details and no one is filtering or missing details, and if one lender can't get it done we are sure to let another know when/if we are seeking one that can, and sometimes this additional pressure will create a bank board to meet and reconsider it's stance.
oh, i don't buy that. insurance is just a numbers game. no matter how much risk there is, they can always raise premiums to cover it.
now, a particular state might be too corrupt or stupid to allow the insurance market to work properly ... but that'd be an issue for that state's legislators to solve. homeowning voters get cranky when you take away their insurance subsidies.
Well look at many states that now have to have state assigned policies to new homeopwner wind strom like many coastal sates. Even then many insurance companies do not sell in those states and the states actually garanteee for those that do. That is also a reality you don't have to believe unless your affected.
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