American Realty Experts Inc.

Buyers Could Face Delays During Flood Insurance Shutdown

On October 1st, the National Flood Insurance Program (NFIP) expired, and this could impact many buyers and sellers in Florida. Here’s what you need to know:

Existing policies remain valid. If you already have NFIP coverage, you’re safe until renewal.
No new or renewal policies can be issued until Congress reauthorizes the program.
Policy transfers are still allowed; buyers can assume a seller’s existing flood policy.
Private flood insurance is not affected and may be an option for buyers.
⚠️ Closings in flood-zone areas may face delays, as many lenders require proof of coverage before funding loans.

Other impacts include possible delays with USDA, FHA, and VA loans, as well as slower federal verifications (such as tax transcripts and environmental approvals).

At American Realty Expert, we’re closely monitoring the situation and working with lenders and insurers to keep our clients informed and closings on track.

Buying or selling in Florida? Let’s plan ahead together.