Friday, 15th January 2021 Offers Flood Tool for Real Estate Professionals to Avoid Closing Delays

Article published on Yahoo! Finance on January 13th 2021

Complimentary website gives real estate agents and their clients direct access to compare and select flood coverage from private flood insurers and the National Flood Insurance Program is now available for real estate agents and homebuyers to receive instant flood insurance quotes from multiple flood insurance companies, as well as the National Flood Insurance Program (NFIP). This expedited quoting and purchase process allows for smoother real estate transactions.

The Flood Disaster Protection Act of 1973 made flood coverage mandatory for federal mortgages on properties in high-risk flood zones. Aurora Insurance Technologies and National Flood Insurance developed My Flood Insurance to assist homebuyers and real estate agents in expeditiously quoting and securing the necessary coverage, thereby avoiding flood insurance-related closing delays.

“Flooding affects an increasing number of properties in the United States every year. Planning for the cost of flood insurance during the home-buying process will reduce the economic and societal impacts of future flood losses,” said Amanda Bryant of Aurora Insurance Technologies. “We believe that providing access to multiple flood insurance products and options will help normalize the inclusion of flood insurance as a part of the typical real estate transaction.”

According to recent studies, 41 million Americans live in high-risk flood zones, highlighting the nation’s growing flood coverage gap. Currently, twenty-one states have no flood disclosure laws, meanwhile, the remaining states have varying levels of requirements for disclosing a property’s flood history. The lack of flood disclosure laws often leaves homebuyers discovering their flood insurance requirement during the loan process, leading to closing delays or canceled contracts due to the uncovered additional expense.

My Flood Insurance also offers a widget of the tool that real estate professionals can place on their websites, giving clients direct access to quoting while searching for potential properties.

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My Flood Insurance was developed by Aurora Insurance Technologies, a partnership between Shoothill Software, Inc and National Flood Insurance, LLC (NFI). Shoothill is an award-winning team of data and software experts. NFI is one of the largest flood-only insurance agencies in the nation and has provided coverage to property owners throughout the country for over a decade. This merging of flood insurance expertise and innovative technology allows users to obtain instant quotes from multiple carriers and purchase a flood policy online with a live agent.