June 30th, 2012 categories: Real Estate News
A lot of St Petersburg real estate has flood insurance and if there’s any financing, lenders require the flood insurance, so lack of flood insurance means closings with loans can’t take place (in flood zones). Over the past several years we’ve had periods when the National Flood Insurance program has not been in effect and any extensions were for short terms and we’d start all over again.
Yesterday Congress passed a bill that extends funding for the National Flood Insurance Program to September 30, 2017. It had been scheduled to expire at the end of July, in the middle of the hurricane season. It’s good to have some certainly for the next 5 years.
Read more in the Insurance Journal.