Thanks to affiliate Jamie Pollard of Academy Mortgage for sharing an emerging issue with Flood Insurance that has spiked in recent weeks. When confirming with our insurance affiliate Greg Viner at Cross Insurance agency in Pittsfield, he explained that surplus insurance line costs have jumped in cost – in some cases FEMA is actually now lower rates than the secondary insurance markets. While insurance agents will shop around to find the lowest rates available for properties, if you have a transaction in process that requires flood Insurance, your buyers should get a new / recent quote given the emerging issues. Jamie reports multiple deals where buyers are being quoted costs only a fraction of the actual price of private flood – today, the seller estimated a premium of $690 and actual NON FEMA insurance cost came in at $3,002. Have your buyers with transactions in process reach out to their insurance professional today. Also, MAR had a great educational program about Flood / FEMA earlier this month and you are welcome to watch the recorded webinar. MAR also sent along a copy Letters of Map Change, the process for map correction and elevation clarification.