Keller Williams Realty Atlanta – Peachtree Road
Real Estate Legal Tip
Presented By:
Flood Insurance Is Not Always Available
Purchasers who are trying to meet the June 30, 2010, closing deadline to qualify for the first-time homebuyer credit or move-up homebuyer credit should probably look at properties that do not need flood insurance.
The National Flood Insurance Program (NFIP), which is the federal program that funds almost all flood insurance claims, has actually expired twice already in 2010. Although the program has now been extended to May 31, 2010, (retroactive to the last expiration) there have been weeks in 2010 when flood insurance was not available, and many closings had to be postponed. The most recent extension was approved on April 15, 2010, in the same bill that extended some jobless benefits.
Although flood insurance is bought through local insurance companies, the NFIP is the ultimate provider of the policy (similar to FHA underwriting of loans made by banks and mortgage companies). Devastating floods and claims have depleted the cash available in the NFIP.
Flood insurance through the NFIP is not the same as federal flood assistance, which can be a government grant or a loan based on a specific flood crisis. Any community that participates in the NFIP is eligible to purchase flood insurance.
Flood Insurance Limits for a residence:
$250,000 for the dwelling $100,000 for contents
Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com 404-705-3690 fax 404-705-3697
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KW Atlanta Legal Tip: Georgia 2010 Filing Deadlines Coming Soon!
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