The National Association of REALTORS® (NAR) is announcing its support for the 21st Century Flood Reform Act following improvements to the legislation, namely the preservation of a “grandfathering” provision that protects homeowners from rate increases when flood maps change. The legislation in prior drafts called for the elimination of the grandfathering provision in 2021, as well as exorbitant rate increases.
NAR issued the following statement from President Bill Brown:
“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.”
For more information, please visit www.nar.realtor.
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