A10F03B49704A9555CB18D6BD506641C

FLOOD INSURANCE

Dated: 08/28/2017

Views: 33

Realtors®, House Financial Services Committee Reach Agreement to Move Key Flood Insurance Legislation Forward

MEDIA CONTACT: JON BOUGHTIN / 202-383-1193 / EMAIL(LINK SENDS E-MAIL)

WASHINGTON (July 20, 2017) – The National Association of Realtors® today said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed atstrengthening and reauthorizing(link is external) the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, Realtors® support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes.

The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.

NAR President William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties, thanked the committee for working with Realtors® to strengthen the bill and announced NAR’s support for it:

“House Financial Services Committee Chairman Jeb Hensarling (R-Texas), as well as Subcommittee on Housing and Insurance Chairman Sean Duffy (R-Wis.), deserve high praise for working with Realtors® to improve this legislation. The changes to the 21stCentury Flood Reform Act will help give certainty to homeowners who have brought their property to code and have done their part to protect it against flood risk. It’s a fair and reasonable approach that recognizes the need for accessible, affordable flood insurance, while taking us one step closer towards reauthorization.

“This legislation protects taxpayers, as well as homeowners, which is no easy task. The September 30 reauthorization deadline still looms in front of us, and Realtors® are eager to see this legislation progress quickly. Leaders on both sides of the aisle are well aware that this issue touches 22,000 communities – in every state, both coastal and inland. We’re grateful for the committee’s support and look forward to their continued efforts on behalf of homeowners.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

###

Blog author image

Melissa Holder

Melissa knows South MS well since was born and raised on the coast. She attended Ole Miss then graduated from Southern Miss. This young lady has been in advertising/marketing, hospitality and sales si....

Latest Blog Posts

Top 5 Reasons To Sell This Fall

5 Reasons You Should Sell This Fall!800SHARES63553271372Here are five reasons why listing your home for sale this fall makes sense.1. Demand Is StrongThe latest Buyer Traffic Report from

Read More

Hurricane Florence Creating Housing Shortage For Displaced North Carolinians

Hurricane Florence Creating Housing Shortage for Displaced North Carolinians | realtor.com® Hurricane Florence Creating Housing Shortage for Displaced North

Read More

The Difference Is More Then Just The Title

Real Estate Professionals Explained: Agent, Broker, REALTOR®By Michele Lerner | Mar 10, 2014iStockReal estate professionals go by different names. There are agents. Brokers..

Read More

Local South MS Pumpkin Patches

Looking for a local, pumpkin patch, corn maze, hayride, gourds and other Halloween activities in Mississippi?  Just select your area in the list or map below.And if you know of one I missed and

Read More