(Washington, WA – Insurance News and Markets) – In July, the National Association of Realtors reached an agreement with the U.S. House Financial Services Committee on key legislation to reauthorize and reform the NFIP with modifications to retain grandfathering and reduce rate increases.
NAR President William E. Brown, founder of Investment Properties, issued a statement on Sept. 5.
“The country has been here before, and we know what happens if the National Flood Insurance Program expires. Homebuying activity grinds to a halt, to the tune of 40,000 lost or interrupted sales every month. Meanwhile, existing homeowners as well as commercial entities may find their largest asset unprotected if the Federal Emergency Management Administration can’t renew NFIP policies that expire, Brown said. “Consumers and homeowners alike deserve certainty. With Congress returning from August recess today, extending the NFIP to avoid a lapse should be a top priority. Doing so will afford Congress the time necessary to finish work reforming and reauthorizing the program.”
Source: National Association of REALTORS®