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re: La Flood Recovery Funds - RESTORE
Posted on 4/3/17 at 2:05 pm to WestSideTiger
Posted on 4/3/17 at 2:05 pm to WestSideTiger
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 on 4/3/17 at 2:07 pm to Bard
quote: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.
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.
Posted on 4/3/17 at 3:27 pm to Bard
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 on 4/3/17 at 3:32 pm to Bard
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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