Were you one of South Florida’s victims… stuck in a holding pattern… unable to close on your house or condo? Floridians can breath a sigh of relief now – at least until September 30th! Home sales in coastal areas and flood zones, came to a screeching halt here in Miami a few weeks back, when home buyers could no longer obtain flood insurance (hence no financing… no mortgage … and no keys). Real estate transactions for waterfront property became quite the challenge .
Closings that had to be put on hold in coastal areas of South Florida (and nationally) can now be rescheduled. The United States Senate just passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) , extending the National Flood Insurance Program until September 30, 2010. The bill the Senate just passed is retroactive, covering the lapse period from June 1, 2010 to the date of enactment of the extension.
National Flood Insurance Program
The National Flood Insurance Program (NFIP) provides flood insurance to homeowners in participating communities in flood-prone areas, who could not otherwise obtain coverage due to cost or ineligibility. Without insurance provided through NFIP, property owners in federally designated areas across +10,000 communities nationwide could not obtain mortgages.
The NFIP produces the Flood Insurance Rate Maps (FIRMs), which are critical for the transaction of properties located in, or adjacent to, a floodplain. Those maps must be updated regularly, to make certain that the information is correct and buyers know whether their property is at an increased risk for flooding.
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