Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com

{on the hill} Key Legislation to Strengthen the National Flood Insurance Program Moves Forward

by The MAR Legal Department | Aug 30, 2017
Realtors® support renewing and strengthening the long-term viability of the federal flood insurance program, as well as maintaining funding to update and improve the accuracy of flood maps. On July 20th the National Association of Realtors® (NAR) moved one step closer to that goal when NAR announced that Realtors® and the House Financial Services Committee had reached an agreement to the 21st Century Flood Reform Act.
NAR had previously opposed the legislation because of language that excluded the grandfathering of homes and the increase of fees and rate hikes that policy holders
would face when flood maps were changed. Because of the House Financial Services
Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes, NAR has pledged to support H.R. 2874, The 21st Century Flood Reform Act, when it comes to the House floor. The bill will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation.

In addition to the legislation to extend flood insurance programs, Realtor champion and flood insurance reform advocate, Congressman Bill Keating (MA) recently introduced a bill titled, the Community Flood Insurance Savings Act, which aims to provide resources to individual towns and municipalities with areas at elevated risk of flood so they can form regional partnerships to share the cost of flood mitigation tailored to their needs. “I am truly encouraged by the potential savings for homeowners coming out of Congressman Keating’s legislation,” said Rita Coffey, Federal Political Coordinator (a Realtor® liaison to legislators). “By reducing the cost of flood insurance through community-wide mitigation, more people in the ninth district will be able to afford the costs of their housing.” For additional information on H.R. 2874 visit http://bit.ly/2vbnURg.