Blog Layout

The National Flood Insurance Program expires at midnight on Friday, May 31, 2019

LOUISIANA REALTORS • May 30, 2019

WHAT: 

The National Flood Insurance Program (NFIP) will expire at midnight on Friday, May 31, 2019, resulting in a lapse in the program.    Congressional Leaders are working to expedite a vote to extend the program and the vote could occur as early as Monday, June 3. 


IF YOU HAVE A CLOSING COMING UP:

NFIP is authorized to renew/issue new flood insurance policies until 11:59 pm on Friday, May 31st, but will not be able to do so after that time unless Congress extends the program.   If your buyer needs to obtain flood insurance they should try to obtain it today (May 30th) or tomorrow (May 31st). 


IF YOUR BUYER IS NOT ABLE TO OBTAIN FLOOD INSURANCE BEFORE THE PROGRAM LAPSES:

During a lapse NFIP cannot sell or renew flood insurance policies.  However, if a seller has an existing policy it may be assigned to or assumed by property buyer during a lapse of the NFIP. 

The federal requirement to purchase flood insurance is also suspended during a lapse, which means it is entirely up to lenders to decide whether to continue making loans in special flood hazard areas while flood insurance is not available from the NFIP.  However, do not rely on this possibility.

Private flood insurance may not be an option as LR is not aware of any insurers admitted in Louisiana that provide standalone private flood insurance.  Private flood insurance is usually only written as surplus insurance and is often not available in flood prone areas.

Consumer Guide Update: Preparing for Homeownership

By Louisiana REALTORS® • February 19, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.

Consumer Guide Update: Escrow and Earnest Money

By Louisiana REALTORS® • February 14, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.

2026 LR Officer Elections, RVPs & NAR Director Applications

By Louisiana REALTORS® • February 12, 2025
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
Show More
Share by: