If you are purchasing a new home in Florida, chances are you will be required by your lender to buy Flood Insurance. If you live in a zone that doesn’t require it. Here’s a word to the wise. PURCHASE IT!
Don’t find out the hard way you saved a few dollars to lose thousands in the wake of a storm. Here’s the good news.
On Thursday, Sept. 7, the Senate voted to pass a three-month extension of the National Flood Insurance Program (NFIP) that was scheduled to expire on Sept. 30, 2017; and on Friday, Sept. 8, the House of Representatives passed the legislation and President Trump signed the bill into law later on that same day.
For real estate practitioners, the pressure to close all deals that required flood insurance before Sept. 30 is off and transactions can proceed under their normal time schedules.
For Realtors, it means the National Association of Realtors® (NAR)’ Call for Action has also ended, concluding on Friday, Sept. 8, 2017, at 5:00 p.m. Eastern Time.
However, the three-month extension was not NAR’s initial goal. The association had first pushed for a longer extension and necessary changes to keep NFIP viable. NAR says it will continue those legislative advocacy efforts for the 21st Century Flood Reform Act until the long-term reauthorization and reform bill is enacted.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” says NAR President William E. Brown. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”