The NATIONAL ASSOCIATION OF REALTORS® has issued a nationwide Call-for-Action, urging members to contact their Members of Congress and pass “The 21st Century Flood Reform Act”, H.R. 2874. This legislation will make improvements to the National Flood Insurance Program (NFIP) including, increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes as well as removing hurdles for more private market participation in the flood insurance market.
If Congress fails to take action and reauthorize the NFIP, it will expire by September 30th. The NFIP is important to homeowners for two key reasons. First, the NFIP is the only flood insurance available in many communities and homes in
the 100-year flood plain are required to have flood insurance to get a mortgage. And in other areas, it helps homeowners recover from a catastrophic loss due to flooding. In California, only one county has never had an NFIP claim. If the NFIP’s authority lapses, policies that it backs cannot be written or renewed. Buyers may not be able to close and some homeowners may be exposed to financial loss because they couldn’t renew their flood insurance policies.
The CALIFORNIA ASSOCIATION OF REALTORS® needs your help to ensure that this is a priority for Congress and is brought up for vote immediately. Tell the United States House of Representatives to support H.R. 2874, “The 21st Century Flood Reform Act”. Without passage of the NFIP, home sales in areas where flood insurance is required will be delayed or even cancelled. The CALIFORNIA ASSOCIATION OF REALTORS® need you to tell Congress to support changes to the NFIP and we support the “The 21st Century Flood Reform Act”.
Source: California Association of REALTORS®