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Good News on National Flood Insurance Program, Posted by Elizabeth

I wanted to share with you some progress we REALTORS® are making on extending the National Flood Insurance Program (NFIP). Thanks to your responses to the Call for Action we issued, the House and Senate are close to reauthorizing the program for another FIVE years.

The House and Senate have just signed off on an extension of the program to make that happen in the next few weeks. The extension will run until Nov. 18. I can’t tell you how excited I am about this development. It is very good news.

Immediately this means that there has been no lapse in NFIP authority to issue flood insurance. This is important because it means that more than 1,300 sales a day will now be able to close, without the threat of cancellation, delays or interruption.

REALTORS®, thank you for making this happen! So far through our efforts together, we have generated over 70,000 letters to Congress, telling them they need to extend NFIP. Thanks to you, Congress has listened.

While it is significant progress, it’s not a done deal yet. The news is promising but we can’t afford to let up now.  We still need to keep pressing Congress hard. We won’t know whether we have a five-year extension until November, which is essential to keep mortgage markets stable and maintain home owner confidence in real estate markets. So please, make sure you and your colleagues still respond to the call for action to protect NFIP. Now that we are so close to a major, long-term win on the program, we must not let up!

Comments
  1. Joseph M. Scharle

    Thank you for all of your efforts on flood insurance. But did you know that the program gives mortgage companies an advantage not available to cash buyers?
    If a mortgage is taken on the property, flood insurance is effective from date of closing.
    Cash buyers buyers have a 30 day exclusion from coverage. And they pay the same premium.

  2. Betty J Caudle

    Keep working!!!!! We don’t need any thing else to stop the sales or to price people out of thier homes, which is what will happen if we can’t keep the prices low.

  3. mary coyne

    I am so mad about my flood insurance. I live just out of Charleston at Cross Lanes,Wv. There are 117 people live in this gated community called Lake Chaweva just off of the I64 exit. I am the only one that has to have the flood insurance and it is now $1,430 a year. It started out around a thousand when they redid all of the fema mapping areas over. The surveyor that did my survey said that he felt sure my place would never flood. Our dam was redone and is in a100 year floodplane. Why should I have to pay so much because of other areas that cost fema to much money. The worst thing about it is that you cannot shop for cheaper insurance because the buck stops at fema and OBAMA. So no matter what insurance company you go throught they all report direct to Fema. Downright disgusting. Mary Coyne

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