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At a recent forum, hosted by the National Academy of Sciences, 2014 NAR President Steve Brown testified that flood insurance is becoming increasingly unaffordable for homeowners who are required to purchase it. The National Academy of Sciences (NAS) is required by Congress to develop a report that assesses the affordability of flood insurance.
"NAR supports an NFIP that is financially solvent and actuarially responsible" said President Brown, "but those goals must be balanced with an understanding that homeowners should not be forced into financial distress if they are unable to pay their flood insurance premium."
Since passage of the Biggert-Waters Flood Insurance Reform bill in 2012, NAR has heard about and investigated the skyrocketing cost of flood insurance from members and consumers across the country. This NAS report will help identify the issues associated with rising flood insurance rates and make recommendations on ways to make this insurance product more affordable.