Act Now: Be Sure Your Buyers Secure Flood Insurance
November 27, 2018
Virginia REALTORS® encourages all members to take action now and make sure buyers have arranged their flood insurance policy before Friday, November 30, 2018.
November 30 is Congress’ deadline to extend the flood insurance authorization. Without Congressional action, the National Flood Insurance Program (NFIP) will lapse at midnight on Friday. Many closings could be put at risk.
Don’t gamble your closings on congressional action.
What is NAR doing?
- NAR is in regular communication with congressional leaders.
- NAR is coordinating with a broad coalition of industry groups. Read the most recent coalition letter.
- Hundreds of members of Congress have been contacted about the importance of NFIP since August.
- NAR has raised the profile of the issue with multiple calls for action, talking points, op-eds and paid ads.
- Click here for the latest example of the heightened coverage the press is giving this issue now.
Federal Agency Guidelines:
FEMA (administers the NFIP): https://nfipservices.floodsmart.gov/sites/default/files/w-17069.pdf
Federal Reserve: http://www.federalreserve.gov/boarddocs/caletters/2010/1003/caltr1003.htm
Fannie Mae: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/ll1005.pdf
Freddie Mac: http://www.freddiemac.com/singlefamily/news/2010/0326_flood.html
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