Flood Insurance Issues Could Sink Your Sales
Please Take Action today and tell your Member of Congress and Senators that NAR supports the “Homeowner Flood Insurance Affordability Act.”
Congress has provided a 5 year reauthorization of the National Flood Insurance Program (NFIP), but severe implementation problems threaten to undermine real estate transactions where flood insurance is required to obtain a mortgage.
- The new NFIP rate structures have caused some confusion and possibly hardship for property owners.
- The Federal Emergency Management Agency (FEMA) continues to delay putting out the new maps.
- The legally required transition has overwhelmed consumers with increases in rates.
Congress has legislation in the House, H.R. 3370 and Senate, S. 1610, to delay changes to the NFIP. These bills would:
- prudently defer rate increases until FEMA completes the affordability study mandated by law.
- create a system for targeted rate relief.
- establish an office of the Advocate for flood insurance rate and mapping concerns.