Realtors®, House Financial Services Committee Reach Agreement to Move Key Flood Insurance Legislation Forward
WASHINGTON (July 20, 2017) – The National Association of Realtors® today said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, Realtors® support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes.
The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.
NAR President William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties, thanked the committee for working with Realtors® to strengthen the bill and announced NAR’s support for it:
“House Financial Services Committee Chairman Jeb Hensarling (R-Texas), as well as Subcommittee on Housing and Insurance Chairman Sean Duffy (R-Wis.), deserve high praise for working with Realtors® to improve this legislation. The changes to the 21st Century Flood Reform Act will help give certainty to homeowners who have brought their property to code and have done their part to protect it against flood risk. It’s a fair and reasonable approach that recognizes the need for accessible, affordable flood insurance, while taking us one step closer towards reauthorization.
“This legislation protects taxpayers, as well as homeowners, which is no easy task. The September 30 reauthorization deadline still looms in front of us, and Realtors® are eager to see this legislation progress quickly. Leaders on both sides of the aisle are well aware that this issue touches 22,000 communities – in every state, both coastal and inland. We’re grateful for the committee’s support and look forward to their continued efforts on behalf of homeowners.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Media Contact: Jon Boughtin / 202-383-1193 / Email (link sends e-mail)
These days, it seems like everyone is looking for ways to save a few dollars while also making those much-needed home improvements. Thanks to YouTube instructional videos and HGTV’s ideas and inspiration, homeowners can now tackle a lot of home improvement projects themselves. And while those DIY projects are fantastic (not to mention impressive!), it’s important for homeowners to know their limits. A new piece by the National Association of REALTORS®’ consumer website, HouseLogic, gives DIY-ers some solid advice for tackling those bigger projects, including the importance of thinking 10 steps ahead, steering clear from automatically choosing the cheapest options, and going DIY only when emergency help is available (NOT on holidays, when plumbers and electricians are often unreachable).
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