What do you do when the House Financial Services Committee is working on seven bills that reauthorize and tweak the National Flood Insurance Program (NFIP) -- and you agree with six of the seven? If you're the National Association of Realtors (NAR), you put together a letter outlining exactly where the legislation hits the mark (and where it misses), and you send it off. The committee approved the bills last week, and NAR President William E. Brown said in a statement released last Friday, when the legislation markup concluded, that he hoped the issues with the bills would be addressed as it winds its way through the House and Senate. [gview file="https://www.inman.com/wp-content/uploads/2017/06/2017.06.12-HFSC-NFIP-Markup-letter.pdf"] What's the NFIP? The NFIP has been around since 1968. The program makes flood insurance available to property owners in "Special Flood Hazard Areas" where insurance companies might not otherwise offer it. NAR made NFIP reauthorization and refo...
- The bill NAR opposes would eliminate grandfathering and tweak flood mapping in a way that NAR said would unfairly burden homeowners by making them responsible for providing elevation data.
- The association supports other tweaks to the program, such as establishing a $10,000 rate cap, removing barriers for the private market and developing plans for mitigating loss.
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