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This is great news for anyone exposed to possible flooding!
The National Flood Insurance Program Reauthorized for 5 Years
You have read about the disasters hitting people who get their homes flooded every year, many without flood insurance. All along over the past 7 years there has been a continuing battle when it comes to the availability of flood insurance.
You will be pleased to learn that late last week Congress finally acted on one of the National Association of Realtors key legislative priorities, a 5-year reauthorization of the National Flood Insurance Program (NFIP).
The 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business- and home owners who rely on it.
This has been a long and hard battle. The NFIP suffered through 25+ short-term extensions; hobbling along for more than seven years without a long-term reauthorization. It has been and ongoing battle with uncertainty for people in need of flood insurance. The NAR battled to get every short-term extension until the full 5-year reauthorization finally was approved.
Because NAR's management and leadership’s hard work to give lenders and homeowners more certainty in the mortgage and real estate market place, we now have available flood insurance for existing homeowners and those buying and selling.
This was done by Realtors like me, mainly through the dues that we pay to the NAR.
Realtors are not only held to a higher standard of conduct, we also contribute in other ways as well for your benefit. If you choose not to do business with me, at least work with a Realtor, not someone who is simply licensed.