The 2012 Biggert-Waters Flood Insurance Reform Act reauthorized the federal program for five years. Because the Act also phases out rate subsidies for older property owners and buyers, and some could spend considerably more on flood insurance as a result, brokers and agents have asked about the disclosure of the rate changes. NAR’s General Counsel offered the following guidance in the marketing and sale of property for which flood insurance may be required, or that is located in areas where the purchase of flood insurance may be prudent.
NAR Legal Guidance on Flood Insurance Disclosures
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