Flood Insurance—Update from NAR

Earlier this week, the Homeowner Flood Insurance Affordability Act was introduced in both the House and Senate. This legislation, led by Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) and Representatives Michael Grimm (R-NY11) and Maxine Waters (D-CA43), will aim to fix some of the unintended consequences from the implementation of the 2012 Biggert-Waters Flood Insurance Reform Act. Among other things, the bill will prevent the rate hikes from going into effect until FEMA can conduct an affordability study. More information about the NFIP can be found on the NAR Flood Insurance page on REALTOR.org:http://www.realtor.org/topics/national-flood-insurance-program-nfip