On Monday, June 18, the National Association of REALTORS® (NAR) will launch a Call for Action (CFA) to push Congress to reauthorize the National Flood Insurance Program (NFIP) before it lapses on July 31. Flood insurance is required for a mortgage in more than 20,000 communities nationwide and millions of small business and home owners depend on this program for their flood insurance, and a lapse in the program can impact nearly 40,000 home sales per month.
Among NAR’s policy standing on the issue, it supports:
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Reauthorizing a long term and gradually strengthening NFIP
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Encouraging the development of private market options to offer comparable flood insurance coverage at lower cost than NFIP
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Providing federal assistance to high-risk property owners, including guaranteed loans, grants and buyouts in order to build to higher standards and keep insurance rates affordable
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More granularly pricing NFIP policies to better reflect the property's specific risk; and
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Improving flood map accuracy so fewer property owners have to file expensive appeals.
Watch your email for this important CFA from NAR on Monday, June 18. It only takes a minute to let your member of Congress and Senators know how important flood insurance is for the market.