Industry News

Realtors group calls for affordable disaster insurance

Strengthening of federal flood insurance program also urged

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The National Association of Realtors this week offered testimony to Congress in support of affordable disaster insurance for homeowners. "Options for obtaining and maintaining coverage for natural disasters are dwindling," stated association president Thomas M. Stevens. "America's hard-working families deserve a comprehensive federal natural disaster policy that makes natural disaster insurance available and affordable and reduces the circumstances under which insurance companies cancel these insurance policies." The trade group, in its statement to the House Subcommittee on Housing and Community Opportunity, called attention to the association's research in Florida, which found that "the lack of affordable or available homeowners' insurance in that state contributed to a slowdown in Florida real estate markets." That real estate slowdown "can presage a slowdown in overall economic activity in the region. A strong housing market is a linchpin of a healthy economy, generati...