Marshfield CRS/PPI Committee Holding Flood Insurance Outreach – All Welcome The Marshfield Community Rating System Committee invites Marshfield citizens and others to its annual flood insurance digital outreach.  The outreach will consist of a short presentation on flood insurance followed by Question and Answers.  It will be a live webinar held at 6:30pm to 7:30pm on Wednesday March 31st.  Registration is required and can be found HERE  On October 1st 2020, Marshfield’s Class 7 CRS discounts took effect.  All NFIP policy renewals that occurred on or after October 1st of 2020 have the CRS discount as part of the renewal.  To further encourage resiliency in the community, and to address ongoing concerns and questions on flood insurance, the Marshfield CRS Committee’s flood insurance outreach will discuss the following:-The basics of NFIP rating-How to save money on flood insurance-Info on private flood insurance-What to do after a flood insurance claim Additionally, the Committee will spend time answering attendees’ specific questions on flood insurance on both their own flood policy, and any generic questions that attendees have. For more information on CRS and the Committee, go to https://www.marshfield-ma.gov/program-public-information-crs or email Committee Chair Joe Rossi at info@knowflood.org SAVE THE DATE!WHENWednesday March 31st, 6:30pm to 7:30pmWHEREOnline Zoom meeting.  Registration required, and can be found HEREAGENDAThe […]

In late 2020, the Department of Housing and Urban Development (HUD) released its proposed rule to accept private flood insurance for Federal Housing Administration (FHA) insured loans.  Currently, FHA is one of the few lending programs that does not accept private flood insurance on properties in high risk flood zones.  FHA currently only accepts flood insurance through the National Flood Insurance Program (NFIP).  Lenders, real estate agents, insurers, first-time homebuyers and others who use FHA for a mortgage have been waiting for FHA to begin to accept private flood policies.  While the announcement of the FHA proposed rule made headlines and brought hope to many, the proposed rule as written is also causing concerns.  Among the concerns are issues around the “compliance aid” and whether an FHA lender “may” or “must” accept a private flood insurance policy.   Industry has responded to HUD in a strong way.  The way that HUD responds in its final rule later this year will impact the effectiveness of the FHA private flood acceptance rule. By way of background, Federal Regulatory Lending Agencies (excluding FHA) implemented new federal flood regulations in July 2019.  These regulations provided the framework for lending institutions to accept private flood insurance […]