Flood Insurance Call for Action

Federal

As events continue to unfold in Texas, NAR President Bill Brown reiterated that the immediate focus of the Association and its 1.2 million REALTOR® members is to support those affected by this tragic natural disaster. To help those in need, the REALTOR® Relief Foundation is collecting donations at www.nar.realtor/programs/realtors-relief-foundation/donate.

In addition to supporting relief efforts NAR is engaged in legislative advocacy to ensure the National Flood Insurance Program does not expire on September 30, 2017.

Without Congressional action, the program will lapse adding confusion and uncertainty for current and future NFIP policyholders. The current NAR Call for Action asks REALTORS® to contact their Member of Congress and urge passage of HR 2874, the 21st Century Flood Reform Act.

Why NAR Supports the 21st Century Flood Reform Act:

  • Extends NFIP for 5 years
  • Preserves the practice of grandfathering for remapped property owners who build to code
  • The bill would enable repetitive loss property, if an owner mitigates to code, to grandfather 
  • Limits rate increases to no more than 15 percent per year with a new ceiling of $10,000 maximum
  • Authorizes $1 billion in pre-flood mitigation assistance grants to elevate, flood proof, buyout or mitigate high risk properties
  • Addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies but 25 percent of the claim payments over the history of the program

Additional details on the legislation are available at NFIP FAQ or copy and paste this URL into your browser: http://narfocus.com/billdatabase/clientfiles/172/9/2964.pdf

If you have questions about the legislation, contact Austin Perez, aperez@realtors.org.
If you have questions about the Call for Action, contact John DiBiase, jdibiase@realtors.org.

Tuesday, September 5, 2017
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