Prime Purchase’s Post

National Flood Insurance Program FEMA hangs in the balance as Congress struggles to fund the government and avoid a shutdown, National Mortgage News reports. Capitol Hill's last-minute effort, with funding set to expire Sept. 30, came on the eve of a Hurricane Helene hitting the Southeast, and amid flourishing mortgage activity on declining rates. https://bit.ly/3zqr46t #HomeownersInsurance #floodinsurance #Helene

https://lnkd.in/eJMuqKYR I agree the growth has stagnated because, why would anyone be with a private flood carrier and hope they have the financials to pay claims or be w/ FEMA which is backed by the USA. I also know project 2025 will get rid of FEMA and everything like it, so this would make private flood the only market. That is scary to me, just like watching after the 2 Hurricanes Helene & Milton hit and wondering if the Florida carriers will survive? To me the risk of Private flood does not seem worth it. The premiums are also usually higher in so many cases. Education is the best way to know how this will affect your closings and buyers qualifying for a home or not w/ a lender. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyers, & HOA's at an upcoming team meeting or educational event. Please call me at 833-USAssure or email me at Lee.gorodetsky@weinsuregroup.com. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day! #FloodInsurance #PrivateFloodInsurance #FloridaInsurance #Flood #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandCasualtyInsurance #YourInsuranceConsultant

Highly recommend reading this report from the Consumer Financial Protection Bureau. The report estimates that Hundreds of Thousands of Mortgages in Southeast and Central Southwest US are Likely Underinsured Against Flood Risk. In my opinion, a review of the minimum flood insurance policy coverage requirements is needed to mitigate this risk. #floodinsurance #mortgages

Are you ready for the upcoming flood insurance mandate? Starting July 31, tens of thousands of homeowners in Florida, especially in areas like Broward and Miami-Dade counties, will be required to purchase flood insurance due to updated FEMA flood maps. For those with federally backed mortgages, this means an additional, yet essential, expense. Flooding can happen anytime, not just during hurricanes, making flood insurance a crucial safeguard. As homebuyers navigate these changes, sellers may need to negotiate more to attract offers due to rising costs. Understanding these new requirements and preparing accordingly is vital for homeowners and real estate professionals alike. #RealEstate #FloodInsurance #FloridaHomes #HousingMarket #Homebuyers #Insurance

🏡 Property values dropping for homes facing the greatest risk of bushfire, flooding 🌊🔥 According to recent reports, over 32,000 homes in Australia are at a high risk of bushfire, while 141,000 homes face the threat of flooding. Unfortunately, these risks not only impact insurance costs but also have a significant impact on home values. As insurance costs rise due to the increased risks, homeowners may find it more challenging to afford coverage, which can lead to a decrease in property values. This is a concerning trend for those living in areas prone to bushfires and floods. To read the full story and understand the implications of this issue, click the link below. Stay informed about the latest real estate news by connecting with us for more updates. 👉 [Link to the full story] Connect for more up-to-date Real Estate News! 📰🔍 #RealEstate #PropertyValues #InsuranceCosts #Homeowners #Bushfire #Flooding

Zillow is adding in new climate risk technology with their for sale properties. In a recent study First Street has found that 80% of homebuyers consider climate risk when purchasing a home. In light of hurricanes on the East Coast in the past weeks, some Hurricane Helene victims in North Carolina didn't have flood insurance because nobody ever thought that was going to be possible. The new technology will even give estimates 15 and 30 years into the future. When considering purchasing a home how important is climate risk to you? Whether it is an investment or a forever home this could be something we need to be wary of moving into the future. https://lnkd.in/gtbGQGcY

CFPB Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest US Likely Underinsured Against Flood Risk. Per the CFPB, the report’s key findings include: *"Current flood insurance maps may not capture accurate flood risk exposure. FEMA flood insurance maps rate flood risk highest in coastal areas, while First Street’s estimates predict significantly more exposure in inland areas as well as broader exposure in coastal regions." *"Over 400,000 homes may be underinsured for flooding events in the southeast and central southwestern parts of the country alone. The majority of flood insurance is provided through the federally subsidized National Flood Insurance Program, which uses the FEMA flood insurance maps to identify properties eligible for flood insurance. Homeowners with a mortgage are therefore likely to be underinsured for flooding if the FEMA flood insurance maps do not accurately measure future flood risk." *"Homeowners who may be underinsured for flood risk also are least likely to be able to self-insure and recover from flooding. Borrowers in inland areas at risk of flooding, as identified using the First Street flood risk model, had lower incomes and put less money down to purchase their homes compared to homeowners not in inland flood areas. This included both borrowers living in areas at high risk of coastal flooding and borrowers whose homes are not in an area of high flood risk, as identified either by FEMA or First Street. This suggests that these borrowers have the fewest financial resources to recover from flooding and are most at risk of suffering catastrophic loss after a flood." https://lnkd.in/gvjcKwdJ

Zillow adds climate risk data to home listings as threats rise New tools help homebuyers navigate risk Key Points ·        First Street just launched a suite of climate risk data for every for-sale property listed on Zillow. ·        Each for-sale listing on Zillow now displays First Street risk scores for flood, fire, wind, air and heat. They also show those same risk percentages estimated 15 years and 30 years into the future. ·        More than 80% of buyers now consider climate risk when purchasing a home, according to a survey by Zillow. Respondents ranked flood risk as their highest concern, followed by fire. Insured losses for Hurricane Helene are now estimated at over $6 billion, but the uninsured losses are far higher. That’s because the vast majority of homes impacted by the storm, especially in hard-hit North Carolina, did not have flood insurance.

Really interesting article in The Guardian. Apparently Nationwide used mapping technology to identify homes were vulnerable to flooding. It uses this information to decline to grant mortgages to buy a property it deems to be at high risk. In a way not a surprise, but what do surveyors say about flood risk on Level 2 or 3 reports that don't include a lender valuation? Do you mention future mortgagability? And what is going to happen to Flood Re the UK government’s subsidised flood insurance scheme ends in 15 years’ time? #residentialproperty #climaterisk #climatechange #mortgages https://lnkd.in/eajQQ9fN

This week's flooding in Toronto highlights the growing prevalence of extreme weather events and their financial impacts. 🌧️🏠 Discover how these events are reshaping real estate and mortgage risks in our latest article. #ClimateChange #ExtremeWeather #RealEstate