BINGHAMTON, NY – Local real estate professionals received an in-depth look at the intricacies of flood insurance at a time when a number of properties may be obligated to buy it.
Jim Rollo State Farm hosted a Flood Insurance Seminar for Real Estate Agents yesterday at the Taste New York Center on Upper Front Street.
The presentation included experts on the following topics: what mortgage lenders require, legal disclosures, elevation certificates and pending changes to FEMA flood maps.
Those maps determine a property’s flood risk which could lead banks that issue federally-backed mortgages to require the insurance.
Rollo says new maps issued in March of 2010 are currently on hold while municipalities seek to certify their barriers such as walls and berms.
He says if the maps are approved, 7,000 properties in Broome County would be deemed at high risk.
“All these properties are in limbo. It’s important for realtors to be able to direct buyers and sellers to get the best information they can get to make good decisions, especially buyers,” says Rollo.
Binghamton Mayor Rich David also gave a presentation on the city’s efforts to certify its flood barriers.
Rollo says buyers and sellers should access the county’s GIS website which has data on flood levels in 2006 and 2011, as well as the existing and proposed FEMA flood maps.