NAR (National Association of Realtors) is urging Congress to adopt the Homeowner Flood Insurance Affordability Act introduced yesterday in the U.S. Senate along with a companion bill that was introduced in the House of Representatives. The bill would delay rate increases that were part of the Flood Insurance Reform Act of 2012.
While NAR supported the 2012 legislation which extended this much needed program for five years. They now urge Congress to delay the new rate structure that has caused serious confusion and hardship for some homeowners. Some homeowners in this region are experiencing dramatic rate increases under the recently enacted rate structure. REALTORS should be sure to advise homebuyers to be aware of this possible increase in costs until Congress acts.
Our REALTOR organization at all levels will continue to monitor this situation and urge Congress to take swift action to protect homeowners. Click here for more information on REALTOR efforts on this matter.