GOOD TO KNOW....
Did you know that you can ask a seller to transfer their existing flood insurance policy to you the new buyer? Sometimes, the seller's existing flood policy premium is lower than what current companies give quotes for. I've had a few buyers ask the seller to transfer their policy - its at no cost to the seller - they just need to call their current company and give permission (along with any written documentation needed by the company, if any) to have proof that the policy can be tranferred. The buyer would then call the seller's company to confirm and voila! This is especially beneficial for homes in flood zones. If the home you are purchasing does not require flood insurance, then most likely the flood quotes will be lower and you will not need to request the seller's policy.
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