There are more questions than answers right now when it comes to the Federal Emergency Management Agency's new flood insurance maps for Cape Cod.
Any homeowner with a federally insured mortgage on a property in a flood-risk area is required to buy flood insurance. Many experts are saying the changes to flood insurance costs are the result of the National Flood Insurance Program running at a deficit, anywhere from $20 billion to $30 billion for the subsidized program.
All this is leading to a lot of questions Realtors and agents must now field from potential buyers and sellers. Bank of Cape Cod is joining forces with the Cape Cod and Islands Association of Realtors (CCIAOR) by offering a symposium on this topic on Monday, Oct. 28, at noon at the association’s offices on Mid-Tech Drive in West Yarmouth.
“We believe the market impact of the flood insurance changes will be significant and education is needed to better serve and advise our customers,” said Dante DiMassa, vice president of residential lending at Bank of Cape Cod. “The Realtors and financial institutions are on the front lines in regard to this issue. The more educated they are the better their advice can be to potential buyers and sellers.”
DiMassa said the symposium will include experts in the insurance and engineering fields as well as from the CCIAOR. The issue itself is a top priority for the local and state associations of Realtors.
According to Henry DiGiacomo, chief executive officer at CCIAOR, the flood insurance issue will impact a significant majority of real estate agents’ clients and the Cape Cod and Islands community as a whole.
“We are urging our membership to please register today for this informative and compelling educational session where they can learn the facts from flood insurance experts and ask questions on this important topic,” he said. “This session will provide people with valuable information so they can then educate buyers and sellers, clients and customers.”
He said the association is pleased to be partnering with Bank of Cape Cod on this subject. “We are most fortunate to be working in this collaborative partnership with Bank of Cape Cod, a longstanding community leader and friend of CCIAOR in our marketplace,” he added. “They are generous to host this valuable Realtor member benefit.”