Please be advised that the National Flood Insurance Program (NFIP) is set to once again expire at midnight on Friday, November 18, 2011 unless it is reauthorized by Congress and signed by the President prior to November 18, 2011.
Therefore, Buyers of property who require flood insurance are strongly advised to make application and pay for flood insurance before 5:00 p.m. on November 18, 2011 to avoid any flood insurance hiatus and be able to still close any time after November 18, 2011.
If that is not possible, an alternative is for the Seller’s existing flood policy to be assigned by the Insured Seller to the Buyer.
A reminder that cash buyers will still have a thirty (30) day waiting period from when they make application and pay the premium before their flood insurance can be bound, even if they apply for and pay for flood insurance prior to November 18, 2011. Please keep that important thirty day widow in mind when setting closing dates for cash Buyers who want flood insurance.
Please contact us if you have any questions.