Flood Insurance Update

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View the National Update:  Review latest NAR update on Flood Subsidies and FEMA action Video on how to Properly Disclose the Flood Insurance Issue from NAR attorney Listen in on the MAR Flood Insurance panel, held during Annual Convention on  10/7/13   MAR Secretary-Treasurer Anne Blatz moderated the panel with the following excellent speakers:

  1. Bob DeSaulniers, Regional Insurance Specialist, FEMA (also present will be Tom Young, Manager, NFIP Manager- Region 1)
  2. Richard Zingarelli– NFIP Coordinator & State Hazard Mitigation Officer, Commonwealth of Massachusetts Department of Conservation and Recreation
  3. Russell Riggs– Senior Regulatory Representative, National Association of Realtors
  4. John Gilligan, Rogers & Gray Insurance

Read Attorney General response to the issues: Please note that our entire Massachusetts Congressional delegation is supporting a moratorium to allow time for funding and implementation of a required nationwide Affordability Study.

Solutions?

Sharon MacEachern, CISR CPIW, Greylock Insurance Agency cites the following examples of some successes she has had with Private Insurance:

  • NFIP policy $6200….written with private policy for $700
  • Commercial Property with a $18,000 NFIP policy….$6500 on private policy
  • NFIP policy needing elevation certificate with a $1800 premium…$400 private policy
For assistance, please contact our affiliate members who are on top of this issue:

  • Sharon MacEachern, CISR CPIW of Greylock Insurance Agency can be reached at 888-200-4445 to assist you, your seller and your buyer!!  She was on the panel we had and also is working to set up followup meetings / trainings for us.  She says that quoting the private flood insurance is generally quick and easy.  They need 36-48 hours to get final approval and bind private flood insurance, and are happy to help with flood determinations (keep in mind however that lender determination is the final word as determinations CAN vary and burden is on the property owner)
  • Carla Prendergst of Colt Issuance is an affiliate member on top of the issue as well and can assist in both NFIP and private market flood insurance quotes and policies.