Effective January 2016, the Biggert Waters Reform Act requires properties with flood insurance to escrow if there is a mortgage lien. This is required for all new purchases or refinances, fixed mortgages, ARMS, or equity lines of credit in first position. If the property is a condo, typically the condo association carries the required flood insurance so the property owners do not need to do so.
Effective April 2016, Insurance companies are now required to obtain an elevation certificate to write the flood policy. In the past, an elevation certificate was not always required to bind the policy.
If you have any questions on how this affects your personal situation, please give me a call at 239-404-741 or visit my website for my contact information.
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