An exciting win for home sales as Federal Emergency Management Agency (FEMA) had reversed their original ruling a few days later to discontinue the National Flood Insurance Program (NFIP) as the government continued to be shut down. Last month FEMA made a surprise ruling which disallowed new and renewal flood insurance policies during the government shutdown, despite Congress having already voted to renew the flood insurance policies as they have done during past shutdowns. This had potential to be detrimental across the nation, and specifically in the Sacramento area, where approximately 121,000 homeowners are encouraged or required to have flood insurance for their homes. When selling and buying homes, any home in a flood zone is required to have flood insurance in order to get a mortgage or to close on said home, and without policies available by the NFIP, no buying or selling in flood zones could have been possible during this shutdown.
An exciting win for home sales as Federal Emergency Management Agency (FEMA) had reversed their original ruling a few days later to discontinue the National Flood Insurance Program (NFIP) as the government continued to be shut down. Last month FEMA made a surprise ruling which disallowed new and renewal flood insurance policies during the government shutdown, despite Congress having already voted to renew the flood insurance policies as they have done during past shutdowns. This had potential to be detrimental across the nation, and specifically in the Sacramento area, where approximately 121,000 homeowners are encouraged or required to have flood insurance for their homes. When selling and buying homes, any home in a flood zone is required to have flood insurance in order to get a mortgage or to close on said home, and without policies available by the NFIP, no buying or selling in flood zones could have been possible during this shutdown.
