From NAR
Lenders require flood insurance for homes in Special Flood Hazard Areas (SFHAs), but standard policies don’t cover flooding. Without the NFIP, buyers may have to rely on private insurers, which aren’t available everywhere. Understanding flood insurance helps you guide clients through risks and costs, ensuring smoother transactions.
🔹 Home Affordability – Rising flood insurance costs can impact buyer decisions.
🔹 Property Values – Homes in flood zones may see lower demand and prices.
🔹 Closing Challenges – Delays or lapses in coverage can stall transactions.
🔹 Economic Impact – A stable NFIP supports market confidence and homeownership.
READ MORE