All in Flood

Why We Need Flood Insurance

Adam Witmer
Flood

The last few weeks have felt like a tropical rainforest.  We have had more rain than I can remember having in just a few weeks time and our area is starting to see the problems with this.  For example, my father-in-law has a rental property I had to go to last week that was almost underwater.  The rain was coming down so fast that it had nowhere to go.  In fact, the furnace vents are under the floor of the house and...

Understanding the Detached Structure Flood Insurance Exemption

Adam Witmer
Flood

Flood insurance rules have been a moving target in recent years.  Flood rules as we knew them changed overnight with the Biggert Waters Flood Insurance Reform Act of 2012.  Then, the rules changed again with the Homeowners Flood Insurance Affordability Act of 2014.  Furthermore, FEMA rescinded their longstanding guidance and the regulators have been slow to implement rules for both Biggert Waters and the Affordability Act.  Under the old rules, it was a known fact that a lender had to require a separate flood insurance policy for each...

Reusing a Flood Determination

Adam Witmer
Flood

Community banks and credit unions often do everything they can to keep loan costs down for their customers.  They will waive fees, reduce rates, and even forego certain loan related activities in order to keep their customers satisfied.  One of the ways financial institutions will try to save money for their customers is to reuse a flood determination from a prior loan.  Any time a lender makes, increases, renews, or extends (MIRE) a loan secured by a structure, the lender must...