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Flood insurance suspended – what happens to closings?

Flood insurance may be needed

Flood insurance may be needed

New flood insurance policies have been suspended, not only in Pinellas County and Florida, but across the whole US.  Lenders require flood insurance for closings on homes that are in flood zones. If a closing is delayed due to lack of flood insurance, perhaps the seller can void the contract and perhaps the buyer’s lock will expire and either the buyer will have to pay a higher interest rate or perhaps may not even qualify at the higher rate.

While Congress has been wrangling over health insurance, they have not extended flood program funds and went on recess last weekend. Congress should readdress this when they return on April 12th.  Read the rest of this entry »

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