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…
Governor Appoints Martin Johnson to Virginia Housing Commission
By Robin Spensieri - July 5, 2024
On July 3rd, it was announced that Governor Glenn Youngkin has appointed Virginia REALTORS® Chief External Affairs Officer Martin Johnson to the Virginia Housing Commission. Effective immediately, Martin… Read More
VA Signals Temporary Suspension on Buyer Agent Payment Ban
By Virginia REALTORS® - May 24, 2024
Earlier this week NAR announced breaking news that the Department of Veterans Affairs (“the VA”) has signaled a temporary suspension on buyer agent payment bans. While the VA… Read More
It’s Primary Election Time in Virginia!
By Maura Pratt - May 22, 2024
REALTORS® play a crucial role in helping to protect the interests of the real estate industry. One of the ways REALTORS® can do so is making sure they… Read More