Following extensive discussions with the House Financial Services Committee, the National Association of REALTORS® has announced its support for proposed changes to the “21st Century Flood Reform Act,” so that the National Flood Insurance Program (NFIP) could move forward.
Among the changes to the legislation is keeping a “grandfathering” policy that protects homeowners from significant rate increases when a flood map changes. The proposed legislation will limit proposed increases to rates and fees, the NAR said. Get the details.
The flood insurance program is set to expire at the end of September.