NAR Statement on H.R. 3370, the Homeowner Flood Insurance Affordability Act

Congress Heard You!

  • 300,000 REALTORS® Letters to Congress
  • 11,000 Phone calls to Members of Congress
  • Thousands of hours educating their staff
  • Hundreds of in-person meetings on Capitol Hill
  • Dozens of Media interviews and letters to the Editor
  • REALTOR® Testimony to the House of Representatives
  • Numerous irrefutable flood insurance examples
  • Emails, posts, tweets, texts, and so much more…

On March 21, 2014, the President signed into the law the Homeowner Flood Insurance Affordability Act, HR 3370. The bill amends the 2012 Biggert-Waters law to resolve most of the unintended consequences from the scattershot implementation of that law.  It also adds new protections from exorbitant premium increases and wildly inaccurate rate quotes under the National Flood Insurance Program (NFIP).

By May 1, 2014, the National Flood Insurance Program (NFIP) had reset all the flood insurance rates back to their October-2013 level, enabled property buyers to assume those rates, and extended this relief to all owners of older (“pre-FIRM”) properties, not just the buyers.

As of January 1, 2015, NFIP has fully implemented the rate relief provisions, issued the refunds, and set up an interim Office of the Advocate to begin assisting property owners with their questions and concerns about the flood insurance rates and maps.

Currently, the NFIP is working on implementing the rest of the Affordability Act provisions. For instance, the Advocate’s office must be made permanent and expanded so it actually advocates for homeowners as well as educates. In addition, Congress must reauthorize the NFIP for the program to continue providing flood insurance after December 8, 2017.

There is more to do. But thanks to the hard work of our members, NAR is well positioned and on its way into the 2017 reauthorization debate. Congratulations to our members on their important victory.