As you are painfully aware, in May Congress allowed the National Flood Insurance Program’s authorization to lapse again for the second time in several months.  Several weeks later NFIP is still without the ability to issue flood coverage to close loans.

 NOVA’s Insurance Division, NOVA Insurance Services, understood that not being able to deliver evidence of flood coverage to close our loans on time was unacceptable.   They went in search of a solution so NOVA and our referral partners could continue to close these transactions on time. As a result, they have teamed up with the National Catastrophe Insurance Program (NCIP) which provides coverage for perils such as Flood, Earthquake, and Landslide.  We now have a flood insurance provider for our customers – regardless of the status of the National Flood Insurance Program.

This alternative option for flood coverage is another way NOVA Home Loans can say “Yes” we can close that loan.

If you have any questions, please don’t hesitate to contact me.