Thanks to the lobbying efforts of the National Association of Realtors (NAR), the National Flood Insurance Program (NFIP) has been extended for 5 years. The NFIP essentially guarantees affordable flood insurance to millions of homeowners and businesses across the country. This is an important victory not only for homeowners, but for the housing market in general. Below is a statement released by the NAR:
“As the nation’s leading advocate for homeownership and housing issues, we are pleased that Congress has approved a long-term reauthorization of the National Flood Insurance Program, which ensures access to affordable flood insurance for millions of home and business owners across the country,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “Realtors® have been advocating a long-term reauthorization of the NFIP for years. The 5-year reauthorization will end the uncertainty of NFIP stopgap extensions and shutdowns and will help bring stability to real estate markets.”
NAR has long supported the NFIP, which protects property owners in more than 21,000 communities where flood insurance is required for mortgages. More than 5.6 million property owners rely on the program against flood-related disasters, which claimed more lives and property than any other natural disaster in the U.S. over the past century. Click here to read more about NFIP.
Without the NFIP, families and business owners across the U.S. would go without essential flood protection, since the private market cannot guarantee the availability or affordability of flood insurance. The NFIP also saves taxpayers money, since it serves as an alternative to expensive federally funded disaster relief for flood victims. NAR has done a great job on this issue.”