Five federal financial agencies this week finalized a rule requiring lenders to escrow flood insurance premiums for homes in flood zones, and exempting homeowners from a requirement to buy flood insurance for detached structures. Highlights of the agencies’ action: Banks and mortgage servicers must escrow for flood insurance premiums on mortgages made, increased, extended or…Read more
Flood Insurance May Be More Important than You Think
Did you know that everyone lives in a flood zone? It’s just that every area has a different level of risk, low, moderate, or high. It’s common to think floods only happen on the coasts. However, millions of flood insurance claims have come from states with no coastal land. So, are you at risk? You…Read more
Flood Insurance in VA…What Does it Cover?
Flooding is the most common natural disaster in Virginia. Floods can occur almost anywhere at any time. You don’t need to live near water. Flash floods, inland flooding and seasonal storms bring flooding to every region of the state including Richmond. Just inches of water can cause tens of thousands of dollars in damage. Most…Read more