Remember, Flood Insurance is only required when there's financing involved and the property is in a flood zone starting with an "A" or a "V".
If your subject property is not in one of those zones,
Flood Insurance is not needed - even when financing is used.
If the property IS in an A or V flood zone, we need an Elevation Certificate to see the BFE and the lowest floor's relationship to that BFE. Since ECs are usually done along with a survey, the seller or property owner may have one. If none can be found, a new one will be needed.
At this point, it's time to turn things over to an insurance agent trained and experienced in the NFIP and how it relates to South Florida properties. He or she can then give your buyer or homeowner an idea of premium costs.
And there we are, a brief overview of Flood Insurance basics to help you answer buyers' questions.
Identifying flood zones and exposure is an important part of all residential lenders' risk management, which is how I get involved. It is yet another variable in qualifying the property along with the borrower on a mortgage loan.
Whatever questions your buyers may have, depend on me to provide them with the details they want and need to make an informed decision. Have them call me when they first start looking so we can let them know their financing options...
Let me reinforce the trust
your buyer has placed in you! sm
Information provided by Chris Carter. Contact information below.
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