Congress extends flood insurance for 5 years
Certainty will never be achieved when talking about the Lowcountry and flooding, but at least now – thanks to the actions of Congress – home buyers can have certainty in knowing there will be available, affordable flood insurance for purchase.
On June 29, both the Senate and House passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure this week. The bill includes a 5-year reauthorization and reform of the National Flood Insurance program.
This is the culmination of a successful multi-year REALTOR® Party campaign, with many Calls for Action and a final push at NAR’s Midyear Legislative Conference and Rally in May. Congress had been extending the National Flood Insurance Program a few months at a time since 2008. Twice this led to program shut downs, including one that stalled more than 40,000 home sales in June 2010.
Check out our presentation on how the recent changes can affect you, your clients and your business:
While the passage of the Biggert-Waters Flood Insurance Reform Act of 2012 brought certainty to the flood insurance marketplace, it also brought change. And that change is what REALTORS® need to be aware of to answer many of their clients potential questions.
For more information about the reauthorization of the National Flood Insurance program, click here.
