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
FDIC: https://www.fdic.gov/news/news/financial/2010/fil10023.html#body
OCC: https://www.occ.gov/news-issuances/bulletins/2010/bulletin-2010-20.html
NCUA: https://www.ncua.gov/Resources/Documents/LCU2010-08Encl.pdf
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
You might also like…
2024 Virginia General Assembly Overview
By D.J. Spiker - March 15, 2024
The Virginia General Assembly adjourned ‘sine die’ on Saturday, March 9th, bringing an official end to the 2024 legislative session. This is the first time in recent history… Read More
2024 Legislative Session Update at the Halfway Point
By D.J. Spiker - February 15, 2024
In the General Assembly this week is ‘Crossover’, the legislative halfway point of the Legislative Session. At this stage, a bill that started in the House must be… Read More
Announcing Virginia’s 2023 RPAC Hall of Fame Inductees
By Maura Pratt - February 2, 2024
Virginia REALTORS® celebrates its new inductees to NAR’s RPAC Hall of Fame! The Hall of Fame recognizes members who have made a significant commitment to the REALTORS® Political Action Committee… Read More