Throughout 2013 and 2014 REALTORS® have been working to address serious shortcomings in the 2012 Biggert-Waters Flood Insurance Reform Act. The law was intended to bring much needed stability to the National Flood Insurance Program (NFIP) which had been operating under a series of stopgap measures. On numerous occasions the program actually lapsed, delaying closings and ending some transactions. Later this week the House of Representatives is poised to address the continuing issues with the NFIP. NAR Strongly Supports H.R. 3370 as AMENDED, the Homeowner Flood Insurance Affordability Act.
NAR is urging every member of the House of Representatives to vote for the legislation when it is considered. NAR President Steve Brown has sent a letter of support for the legislation that is being delivered by NAR Lobbyists. The letter outlines why this legislation is of vital importance to REALTORS®. Once the House of Representatives acts a conference committee will have to reconcile the differences between the House and Senate versions.