NAR @RealtorAction has been tweeting “It’s Time to Flood the House” Call to Action. But, some REALTORS® and property owners may not be familiar with the most recent proposed legislation regarding the flood insurance program. H.R. 2874 (21st Century Flood Reform Act) provides several needed changes to the National Flood Insurance Program. Here are a few of the proposed changes:
Limitation on premium increases
Flood Insurance assistance
Monthly installment payment of premiums
Disclosure of flood risk and premium methodology
Availability of flood insurance information upon request
Refund of premiums if the policy is replaced by a private insurer
Flood Savings accounts
Existing flood map appeals
Better, more accurate mapping
Increased consumer choice with Private Market development
And more…
NAR has created an information piece as well. So read the background, the bill and then take action to help insure Flood Insurance is still available after September 30.
