• 704-491-2870
  • james@executivesellers.com
Real Estate FirmReal Estate FirmReal Estate FirmReal Estate Firm
  • Home
  • Our Difference
  • Our Clients
  • Sellers
    • Why Use Us? – Sellers
    • $500 Guarantee
    • Where will your home be Advertised?
  • Buyers
    • Why Use Us? – Buyers
    • Relocation to Charlotte, NC
    • School Districts
    • Parks & Recreation
  • About Us
    • Who is Executive Sellers Realty?
    • Leadership
    • Testimonials
    • Blog
  • Contact Us
hire real estate attorney
Hiring a Real Estate Attorney to Close on your Home
May 10, 2018
what are HOA fees, deed
HOA Fees: What Are They?
January 6, 2019
Published by James Smith on December 27, 2018
Categories
  • Buyers
  • Seller
  • The Real Estate Corner
Tags
  • charlotte
  • cornelius
  • escrow
  • executive sellers realty
  • FEMA
  • flood
  • flood insurance
  • government shutdown
  • james sm
  • lake james
  • lake norman
  • lake wylie
  • moorseville
  • moutain island lake
  • tega cay
  • trump

Flood Insurance issues during governemnt shutdown

FLOOD INSURANCE ISSUES (EMERGENCY)

FEMA today (Dec 27, 2018) notified insurers that they would not be able to sell or renew flood insurance policies under the National Flood Insurance Program (NFIP) during the partial government shutdown. Insurers could still pay claims on existing policies that are not up for renewal during the shutdown.

As a result of this announcement, you could have several difficulties if your home requires flood insurance.

  1. Any home closings scheduled during the Government shutdown could be deferred or cancelled, if your mortgage company requires flood insurance
  2. If you currently own a home that requires flood insurance and your policy is supposed to renew during the shutdown, your insurance company may not renew your policy and your home could be without flood insurance
  3. If you have an escrow account the pays for flood insurance, your bank could exclude your 2019 flood insurance premium from the escrow, without your knowledge.
  4. If you incur a flood event during the shutdown and your policy is up for renewal, you home could potentially not be covered

If you or anyone you know is in the process of buying a home that needs flood insurance, please contact your insurance agent AND bank to ensure that you will be able to close on your home and get the necessary insurance for your home. If you currently own a home that requires flood insurance contact your insurance company immediately to see if you are affected by the FEMA announcement.

  • Author
  • Recent Posts
James Smith
James Smith
Realtor / Broker at Executive Sellers Realty
Mr. Smith is an award winning Realtor in Charlotte, NC, winning the 2017, 2016 and 2015 5-Star award from Charlotte Magazine.Mr. Smith may be reached at james@executivesellers.com or 704-491-2870
James Smith
Latest posts by James Smith (see all)
  • Top 10 Questions and Answers – Selling Your Home During the COVID-19 Outbreak and Stay-at-Home Order - April 3, 2020
  • Sellers can pay a Buyers Closing Cost - January 20, 2019
  • HOA Fees: What Are They? - January 6, 2019
Share
0
James Smith
James Smith
Mr. Smith is an award winning Realtor in Charlotte, NC, winning the 2017, 2016 and 2015 5-Star award from Charlotte Magazine. Mr. Smith may be reached at james@executivesellers.com or 704-491-2870

Related posts

10 10 questions and answers sell home during covid-19

top 10 questions and answers selling your home during covid-19

April 3, 2020

Top 10 Questions and Answers – Selling Your Home During the COVID-19 Outbreak and Stay-at-Home Order


Read more
cost cost on mortgage

When buying a home, many people do not realize they will be responsible for the downpayment on a home AND for closing cost. Closing cost consist of several fees associated with the the purchase of a home that can range from 2-7% of the price of a home

January 20, 2019

Sellers can pay a Buyers Closing Cost


Read more
what are HOA fees, deed

HOA fees

January 6, 2019

HOA Fees: What Are They?


Read more

Comments are closed.

Categories

  • Buyers
  • Help
  • Home Guides
  • Real Estate Tips
  • Seller
  • The Real Estate Corner
© 2020 Executive Sellers Realty. All Rights Reserved.