Call for Action: Flood Insurance Issues Could Sink Sales
Legislation is being considered to delay changes to the National Flood Insurance Program. Please Take Action today and tell your Member of Congress and Senators that NAR supports the “Homeowner Flood Insurance Affordability Act.” Send Message »
The Problem: Congress provided a 5-year reauthorization of the National Flood Insurance Program (NFIP), but severe implementation problems threaten to undermine real estate transactions where flood insurance is required to obtain a mortgage.
New NFIP rate structures have caused serious confusion and hardship for property owners.
The Federal Emergency Management Agency (FEMA) continues to delay and miss deadlines.
The legally required transition to true risk rates has plagued consumers with increases in rates beyond what anyone imagined possible.
The Solution: A four-year time-out. Congress has legislation in both the House and Senate to delay changes to the NFIP. Tell your Member of Congress and your Senators to bring these bills to a floor vote IMMEDIATELY:
H.R. 3370 Homeowner Flood Insurance Affordability Act of 2013
S. 1610 Homeowner Flood Insurance Affordability Act of 2013
The bills would prudently defer rate increases until FEMA completes the affordability study mandated by law
The bills would create a system for targeted rate relief.
The bills would create an office of the Advocate for flood insurance rate and mapping concerns.
Message Subject: REALTORS Seek Immediate Action on H.R.3370/S.1610
Dear [Decision Maker],
I am writing to you as a member of the National Association of REALTORS, to urge immediate Congressional action on the “Homeowner Flood Insurance Affordability Act.” This bipartisan, bicameral legislation takes the crucial first step of delaying further implementation of some rate increases contained in the National Flood Insurance Program (NFIP) reauthorization known as the Biggert-Waters law (BW12).
Calling a “time-out” will enable the Federal Emergency Management Agency (FEMA) to complete the affordability study already mandated by BW12, propose targeted regulations to address affordability issues found in the study, and give Congress adequate time to review these regulations.
The “Homeowner Flood Insurance Affordability Act” prudently defers rate increases until FEMA can complete the affordability study mandated by BW12 and propose regulations to target affordability relief. The bill would also create an office of the Advocate for flood insurance rate and mapping concerns. We believe that this is a necessary provision. Other than insurance agents, property owners and real estate professionals do not have an effective avenue to pursue concerns regarding flood insurance rating errors and discrepancies.
REALTORS support the “Homeowner Flood Insurance Affordability Act,” and urge its immediate consideration.
Sincerely,
[Your Name]
[Your Address]
[City, State ZIP]
Please Take Action today and tell your Member of Congress and Senators that NAR supports the “Homeowner Flood Insurance Affordability Act.” Send Message »