Realtors® Optimistic as Senate Moves to Consider Flood Insurance Rate Relief Bill

WASHINGTON (January 27, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:
 
“Realtors® applaud the Senate for moving to consider and debate the Homeowner Flood Insurance Affordability Act, S. 1926, sponsored by Sens. Bob Menendez, D-N.J., and Johnny Isakson, R-Ga. This critical legislation will help the millions of homeowners who are now facing dramatic flood insurance rate increases, which are the unintended consequence of reforms to the National Flood Insurance Program.

“The bill will temporarily halt the exponential and inaccurate rate increases facing homeowners in both coastal and inland states. It will also establish a flood insurance advocate within the Federal Emergency Management Agency to investigate rate increases and assist property owners with multiple or miscalculated rate quotes.

“As the leading advocate for private property rights and housing issues, NAR is calling on the Senate to seize this opportunity to hit pause on the rate increases while FEMA researches the affordability and impacts of the Biggert-Waters reforms.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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