On June 18, the National Association of REALTORS® launched a Call for Action asking all members to contact their U.S. Senators and Representatives to urge them to extend the National Flood Insurance Program (NFIP) and pass meaningful reforms to ensure long-term viability of the program.
After a recent short term extension of the program, the National Flood Insurance Program (NFIP) is scheduled to expire on July 31. This essential program provides necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. Congress must act now to reform and extend the NFIP.
- Reauthorizing and gradually strengthening the NFIP so it is sustainable over the long run;
- Encouraging the development of private market options to offer comparable flood insurance coverage at lower cost than NFIP;
- Providing federal assistance to high-risk property owners, including guaranteed loans, grants and buyouts in order to build to higher standards and keep insurance rates affordable;
- Provide fair flood insurance rates that better reflect the property's flood risk; and
- Improving flood map accuracy, so fewer property owners have to file expensive appeals.
Take action now!