Every year, over 5 million homeowners in the U.S. are able to buy property and receive flood insurance thanks to the National Flood Insurance Program (NFIP). But on September 30th, the National Flood Insurance Program (NFIP) will expire. According to NAR “without NFIP coverage home sales in areas where flood insurance is required will be delayed or even cancelled.” If Congress doesn’t act, more than 40,000 real estate transactions a month will be in jeopardy.
A new House bill aims to reauthorize the NFIP. H.R. 2874 offers reforms and introduces new benefits:
- Reauthorizes NFIP for a full 5 years
- Caps NFIP rates at $10,000 a year for property owners
- Directs FEMA to develop more granular rate tables to ensure fewer properties are over charged by NFIP
- Sets aside $1 billion for flood mitigation assistance grants
- Increases access to private market flood insurance
NAR is asking for your help to tell Congress to pass H.R. 2874.