ACTION ALERT: Flood insurance rates are about to go up, unless Congress acts now! Don't allow increased insurance costs to price your qualified clients out of their new home.
Approximately 5.6 million property owners in over 20,000 communities across the country rely on the National Flood Insurance Program (NFIP) for flood insurance. Congress provided a 5-year reauthorization of the NFIP, but severe implementation problems threaten to undermine real estate transactions where flood insurance is required to obtain a mortgage.
NAR is calling for support of the bipartisan "Homeowner Flood Insurance Affordability Act" which would delay insurance rate increases. A delay in newly-mandated NFIP rate increases will allow FEMA to determine more accurately how these rates will impact property owners as Congress planned, and give affected property owners more time to respond to higher rates.
If fewer homeowners can afford flood insurance, then in the event of future floods taxpayers will spend more on federal disaster relief to owners of uninsured properties. Meanwhile, without flood insurance, homeowners located in flood zones could default on their mortgages.
Click here to take action on flood insurance and protect your qualified homebuyers!
