Buyers in Colorado may be surprised to discover that lenders will require Flood Insurance for some parts of our land-locked state, based on FEMA flood maps. If Buyers are not aware of this requirement upfront, it can cause major closing delays, and even cost them the deal. Flood insurance rates are regulated through a government program, but can be quite expensive depending on the flood zone of the property.
We know some insurance companies who offer private policies that can help make this insurance more affordable. In addition,we just assisted a Buyer with the process of having a property removed from FEMA's flood plain! That's right - by having a specific type of survey done and using a surveyor who had some knowledge of FEMA's process, we were able to remove the lender's requirement for flood insurance altogether.
Don't drown in your Flood Insurance woes! We can help! Contact us for more information.
No comments:
Post a Comment