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Ah...I see what you mean now, but it's odd, if FEMA doesn't allocate funds, all the people who lives in possible flood zone is like doped? just call themselves back luck then? hm...
Ah...I see what you mean now, but it's odd, if FEMA doesn't allocate funds, all the people who lives in possible flood zone is like doped? just call themselves back luck then? hm...
You bet it's bad luck! I'm hoping that Congress passes this thing on the 7th. If not for 5 years, at least another extension! To my understanding of the article, it's really not even about policy anymore, just a bunch of politics in passing it.
Ah...I see what you mean now, but it's odd, if FEMA doesn't allocate funds, all the people who lives in possible flood zone is like doped? just call themselves back luck then? hm...
No, folks who already have flood insurance are covered until they expire. No new policies or renewals can be issued until the approval is obtained. The current government has really been dropping the ball on this one.
BTW flood insurance may cost alot more than $350.00 It depends on what zone your house is in. Average about $350 if you are in a non-flood zone area.
"The House passed legislation on May 28, before it went into 10-day recess, that reauthorized the program until Dec. 31, but the Senate will not act on extending the NFIP and other lapsed programs until later this week."
I really hope they extend the program, if not, I, as well as many other home buyers, are SOL!!!
I can't seem to find out WHY Congress wouldn't pass this?
because forcing Americans to subsidize flood insurance is one of the most asinine policies we have going for us right now.
granted, they should not have ignored the problem. they should have announced that the program was ending, so private firms could step in to meet the demand.
Out of curiousity, because my lender won't approve the loan until the the flood insurance program is up, does that mean every other lender wouldn't either? Like, is there a bunch of other people in the same boat as me?
Out of curiousity, because my lender won't approve the loan until the the flood insurance program is up, does that mean every other lender wouldn't either? Like, is there a bunch of other people in the same boat as me?
I have a property under contract - there is a loan - there is also a binder for a flood policy with premium payed - I also called an ins. co. in my area, they said it was only an issue for like a week or two and that they to have written policies - I suspect you may need to try another ins. outfit or lender depending what exactly is going on - maybe have your agent look into this a bit closer - I think you may dealing with some mis-information.
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