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Daily Real Estate News | September 28, 2007
House OK's Flood Insurance Bill
The U.S. House of Representatives approved a bill that will provide federally-backed, affordable flood insurance to communities in flood-prone areas, a move that NAR says is critical to economic growth and development.
The Flood Insurance Reform and Modernization Act of 2007, H.R. 3121, will help home owners, renters, and commercial property owners continue to protect themselves from losses sustained from flooding, NAR says. Since its creation, the National Flood Insurance Program is credited with helping reduce nearly $1 billion in flood damage to communities and nearly 80 percent less damage annually.
NAR urged the Senate to move forward on NFIP reform legislation.
H.R. 3121 would maintain a partnership between local, state, and the federal government and enable property owners in participating communities to purchase insurance as protection against flood losses in exchange for state and community floodplain management regulations that would reduce future flood damage.
“The NFIP is a win-win in that it promotes responsibility by home owners, the community, and the government,” says NAR President Pat V. Combs.
NAR also supports these provisions in the bill:
- Protecting the integrity of NFIP by extending the program for five years;
- Increasing coverage limits;
- Increasing education and incentives for home owner and community participation;
- Increasing awareness of flood risks;
- Ensuring the 100-year floodplain maps are updated quickly;
- Extending the pilot program for mitigation of severe repetitive loss properties; and
- Studying the impacts on home owners, renters, and local economies of eliminating subsidies.
— REALTORŪ Magazine Online
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