FEMA issued a ruling in mid June that was effective retrospectively to June 1, 2011. The ruling appears to remove flood coverage under the National Flood Insurance Program (NFIP) for any home in the Missouri River basin.
You should check to see what sort of home inventory you currently own and/or manage in the affected areas, as you may be operating without flood coverage. Also, relocation companies should search their in-process home sale assignments for homes covered by the FEMA ruling.
Best not to be surprised by a coverage problem after a home has been acquired, or affected by a purchaser to whom disclosure is required.
(Did you know that the Mississippi-Missouri river system is the third ranking system on earth?)
No comments:
Post a Comment