NAR says that "significant improvements" in the legislation aimed at strengthening and reauthorizing the National Flood Insurance Program (NFIP) cleared the way for its endorsement.
Among the changes Realtors support is a commitment by the House Financial Services Committee to retain "grandfathering" – a policy that would protect homeowners from significant rate increases if flood maps change.
The latest draft of the bill also limits proposed increases to fees and rate hikes that policyholders faced under earlier versions of the legislation that included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.
NAR President William E. Brown thanked the House committee for working with Realtors to strengthen the bill and he 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," Brown says. "The changes to the 21st Century 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."
Brown called it a "fair and reasonable approach" that takes us one step closer towards reauthorization.
"This legislation protects taxpayers, as well as homeowners, which is no easy task," Brown adds. "The Sept. 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."
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