Gov't Affairs, Govt - Nation

President Signs Flood Insurance Bill

On Friday, March 21 President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill makes the… Continue reading President Signs Flood Insurance Bill

Gov't Affairs, Govt - Nation

Flood Insurance Update

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… Continue reading Flood Insurance Update

Gov't Affairs, Govt - National Assoc. of Realtors® (NAR)

National Flood Insurance Update

On January 30, the Senate passed the Homeowner Flood Insurance Affordability Act by a vote of 67-32. This legislation calls for a four-year time out on rate increases triggered by a property’s sale or a flood map update or a property with previously grandfathered rates. The vote sends the measure to the House for consideration… Continue reading National Flood Insurance Update

Gov't Affairs, Govt - National Assoc. of Realtors® (NAR)

NAR Supports Bill to Delay Changes in Flood Insurance

On Oct. 29, 2013, Senators Robert Menendez and Johnny Isakson introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation. Congress passed the Biggert-Waters Flood Insurance Reform Act in 2012. It required the Federal Emergency Management Agency (FEMA), and other agencies, to make… Continue reading NAR Supports Bill to Delay Changes in Flood Insurance