Coakley-DeLeo Legislation Would Help Preserve Home Values in Flood Zones

by | Mar 05, 2014
WALTHAM, Mass. – February 27, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that its 2014 president Peter Ruffini, a regional vice president at Jack Conway & Co., in Norwell, testified in support of the legislation proposed by Massachusetts Attorney General Martha Coakley and Speaker of the House Robert DeLeo.



Massachusetts Association of REALTORS® President Peter Ruffini to testify in support of bill


WALTHAM, Mass
. – February 27, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that its 2014 president Peter Ruffini, a regional vice president at Jack Conway & Co., in Norwell, testified in support of the legislation proposed by Massachusetts Attorney General Martha Coakley and Speaker of the House Robert DeLeo.

REALTORS® are concerned about the negative impact that rate increases through the National Flood Insurance Program, as a result of the Biggert-Waters Flood Insurance Reform Act, are having on the Massachusetts real estate market. The bill filed by Massachusetts Attorney General Martha Coakley and Massachusetts House Speaker Robert DeLeo could help homeowners in flood zones and preserve home values.

“As an Association, we have been tirelessly working to address the drastic impact of the federal changes to flood insurance. This bill offers our state the chance to protect its homeowners impacted by the flood insurance changes from Provincetown to Pittsfield. We greatly appreciate the effort of the Attorney General Coakley and Speaker DeLeo in addition to other state legislators like Representative Jim Cantwell who’ve made this a priority,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell.

The proposed legislation, An Act relative to flood insurance, would prohibit lenders from requiring homeowners to purchase flood insurance in an amount that exceeds the outstanding balance of their mortgage, requires coverage for contents, or includes a deductible of less than $5,000. Tying the amount of coverage to the outstanding mortgage balance, instead of the replacement value of the home, would lower premiums for the homeowners impacted by the new change.

Without affordable flood insurance, homeowners located in flood zones could default on their mortgages due to their inability to afford their new rates. Consequently, the value of a home would be severely reduced.

About the Massachusetts Association of REALTORS®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.