WASHINGTON, D.C. – November 21, 2013 – (RealEstateRama) — Over the last few weeks, the MAR has received calls from members regarding drastic increases in the cost of flood insurance. These increases are making some pending sales unaffordable. The National Association of REALTORS® is working on important legislation to halt these increases.
Please take action now by contacting your U.S. Senator and Member of Congress to urge them to 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 bipartisan legislation is the first crucial step in delaying further implementation of some flood insurance rate increases. In addition, this will allow FEMA to complete a mandated affordability study, along with giving Congress adequate time to review regulations in the recently changed National Flood Insurance Program (NFIP).