Flood Insurance Expires Thursday
Should the government experience another shutdown – scheduled for Thursday, Feb. 8, at midnight – the extension of flood insurance tied to the same bill could affect the ability to secure new flood insurance policies.
How This Will Affect Real Estate
If lawmakers cannot agree on the terms of another extension, closings could be delayed because some of the agencies that verify mortgage information for lenders, such as the IRS and Social Security Administration, won’t be at full staff in a government shutdown. For households buying a newly constructed home in a flood-designated area, the transaction could be delayed until the government reopens if they don’t secure flood insurance before Thursday or get it from a private lender.
Existing homes that already have flood insurance likely will not be affected.
For more information, visit The National Association of Realtors® (NAR) website or contact me at 941.322.7133, and I will be happy to recommend private lenders who can assist you.
Source: Realtor® Magazine