A bill that would delay the implementation of unexpectedly high rate increases precipitated by a flood insurance law passed last year is receiving wide support among members of Congress and will soon head to the Senate floor, RealtorMag reported.

While NAR was a vocal supporter of the Biggert-Waters Flood Insurance Reform Act of 2012, which extended the National Flood Insurance Program for five years, the trade group now says the law had unintended consequences, namely “sudden and dramatic” flood insurance premium increases. It has therefore urged Congress to pass the “Flood Insurance Affordability Act,” a bill that currently has 28 co-sponsors from both parties in the Senate. About a third of House members are co-sponsors of a companion bill there.

The Senate bill would require the Federal Emergency Management Agency (FEMA) to: stop implementing changes to premiums so it can investigate and report to Congress on the magnitude of the increases; set up a consumer advocate; and start working with industry groups on a longer-term solution to the affordability problem, RealtorMag said. Source: RealtorMag.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription