Long Beach Island Real Estate Flood Insurance And The Government Shut Down

Dated: 01/21/2018

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Long Beach Island Real Estate, Flood Insurance and The Government Shut Down

 

LBI Flood Insurance and The Government Shut Down

 

Long Beach Island Real Estate

Unfortunately our leaders in Congress  have allowed a shut down of the Federal Government. This means that many non-essential services are suspended until a budget is passed. One of these services in the National Flood Insurance program (NFIP). The NFIP is funded through the federal government and without an approved spending measure no new polices can be written with the NFIP. This is a major issue for the sale of homes on Long Beach Island and elsewhere.  Understanding LBI flood insurance and the government shut down is essential because the LBI real estate market is heavily dependent upon flood insurance as it is required for any home that has a mortgage in place. Therefore, the shut down could also freeze any real estate transactions that have this requirement. The good news is there are many private flood insurance companies who are not subject to the Federal Governments funding measures. These companies can be a lifesaver (no pun intended) in these uncertain times.


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