The NATIONAL ASSOCIATION OF REALTORS® has issued a nationwide Call-for-Action, urging members to contact their Members of Congress in both houses and bring the Homeowner Flood Insurance Affordability Act (H.R. 3370 and S. 1610) to the floor for immediate consideration and a vote in each chamber. This legislation will aim to fix some of the unintended consequences from the implementation of the 2012 Biggert-Waters Flood Insurance Reform Act.
REALTORS® and homeowners across the country were already reporting significant increases in annual premium rates before National Flood Insurance Program rate changes took effect on October 1; this is raising concerns among consumers and REALTORS® about decreased property values and a stalled housing market recovery. This drastic increase in flood insurance premiums for coverage under the NFIP is negatively impacting transactions and the nation’s real estate recovery.
We are asking Congress for a four- year time-out to fully correct some of the implementation problems that will threaten real estate transactions where flood insurance is required to obtain a mortgage. The REALTOR® Party and CALIFORNIA ASSOCIATION OF REALTORS® need you to tell Congress to delay changes to the NFIP and we support the “Homeowners Flood Insurance Affordability Act”.