After years of short-term extensions, Congress has passed a five-year reauthorization of the National Flood Insurance Program.
To put the significance of this passage into perspective, the NFIP has been extended 17 times since 2008 and has expired twice, delaying or cancelling 1,300 real estate transactions each day of its lapse, undermining both consumer and investor confidence.
The Biggert-Waters Flood Insurance Reform Act of 2012 will help bring stability to many real estate markets and ensure access to affordable flood insurance for millions of home and business owners across the country. More than 5.6 million home and business owners in21,000 communities rely on the NFIP to protect against floodrelated disasters in the U.S.
In the event of an emergency… Ask a Realtor® about the importance of flood insurance in your area, and whether they’ve had any clients who lost a transaction as a result of a lapse in the NFIP. Talk to homeowners who have experienced flooding about how valuable it is to have the security of flood insurance in the aftermath of a flood.