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Just a rant, but because the national flood insurance program expired May 31, I can't close! Now we have to wait for Congress to meet on June 7 to see if they pass it.
Do any of you experts think this will be a problem? This is my 75th day since opening escrow and my patience is running low. If I don't close by the end of the month, I lose out on the FTHB tax credit. Should I be worried?
Well, if I read the artcile correctly, this is the fourth time this year that this has happened? I'm just wondering how fast was it to extend it the last 4 times? What has the trend been?
Can't you just tell them you'll buy it for the 1st year until further notice?? it's only about $350/year if you just buy the flood insurance, and give proof,then you'll have nothing to do with that program until further notice right?
Just ask her/him about this option "If I just buy the flood insurance and show you proof, can you get this loan going and don't have to wait for the program?" If she says yes, then add this option to your homeowners insurance right away and show her proof for the underwriter.
(insurance are pro-rated and can cancel anytime later anyway if there's changes to the program, you can either get your refund or forced to continue flood insurance from the mortgage lender)
The only snag you might run into with purchasing a policy is the need for an elevation certificate. When we had BofA, they didn't required flood ins. When we re-fied with Chase a couple of years later, they did require it (our property has a flood zone running along the edge of it). It delayed our closing, b/c I had to wait for Allstate to write the policy. In order to determine my rates, I had to have a surveyor come out and issue an elevation certificate, which took a few days, and another $300. Once I could provide the elevation to Allstate, the rest of the process was simple. Only $250 for a year's coverage.
Please correct me if I'm wrong, but to my understanding all flood insurance is guaranteed by FEMA (not private insurers). It is necessary for FEMA to have the funding guaranteed by Congress before new policies can be issued.
The only way that I know of to avoid flood insurance is to have an elevation survey performed that shows that the structure is outside of the flood plain. It is not possible to complete theis process prior to the June 30th deadline.
But if you buy flood insurance regardless of it (needing or not) you are playing safe, you're "covered" regardless of what happened, so you're guaranteeing yourself in case so wouldn't that rule out all other factors and policy? A policy has nothing to do with insuring and being on the safe side, it's just a policy of changing the restrictions mandatory obligations.
But if you buy flood insurance regardless of it (needing or not) you are playing safe, you're "covered" regardless of what happened, so you're guaranteeing yourself in case so wouldn't that rule out all other factors and policy? A policy has nothing to do with insuring and being on the safe side, it's just a policy of changing the restrictions mandatory obligations.
As I previously stated ALL flood insurance is issued through FEMA. Other entities write the insurance but it is actually FEMA who is the insurer. Until congress allocates the funds to FEMA, NO ENTITY can write the insurance.
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