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re: La Flood Recovery Funds - RESTORE

Posted on 4/3/17 at 2:05 pm to
Posted by Bard
Definitely NOT an admin
Member since Oct 2008
52953 posts
Posted on 4/3/17 at 2:05 pm to
quote:

You will be forced to maintain flood insurance thereafter and when you go to sell you will have to make it known to the buyer that the property has to maintain it no matter if it's outside a flood zone or paid in full.


Either that's untrue or we fell through a crack. There has been no such requirement placed on us (we're still listed as outside the flood zone). Maybe you are thinking about when one takes the secured SBA loan?
Posted by ell_13
Member since Apr 2013
85530 posts
Posted on 4/3/17 at 2:07 pm to
quote:

You will be forced to maintain flood insurance thereafter and when you go to sell you will have to make it known to the buyer that the property has to maintain it no matter if it's outside a flood zone or paid in full.
FEMA requires you to keep flood insurance if you ever want FEMA aid again. It is not required for the sale of the home. The irony of that is that if you do have flood insurance, you aren't really going to get FEMA aid anyway.
Posted by WestSideTiger
Baton Rouge
Member since Jan 2004
3864 posts
Posted on 4/3/17 at 3:27 pm to
quote:

Either that's untrue or we fell through a crack. There has been no such requirement placed on us (we're still listed as outside the flood zone). Maybe you are thinking about when one takes the secured SBA loan?


Apparently it's only required if you were in a flood zone and had no insurance. My mistake.

FEMA

Posted by LSUFanHouston
NOLA
Member since Jul 2009
37864 posts
Posted on 4/3/17 at 3:32 pm to
quote:

Either that's untrue or we fell through a crack. There has been no such requirement placed on us (we're still listed as outside the flood zone). Maybe you are thinking about when one takes the secured SBA loan?


It's not true. FEMA does have the flood insurance purchase requirement after a FEMA payout, but only if you are in a flood plain. (anything but X)
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