The U.S. Congress has been unable to agree on a long-term solution for the National Flood Insurance Program (NFIP) and has punted the ball through a series of short-term program extensions. Without a new vote from Congress, NFIP expires on July 31.
The National Association of Realtors® (NAR) has issued a Call for Action – a request for all Realtors to contact their personal lawmakers in the House of Representatives and U.S. Senate. Thanks to NAR’s automated email system, it only takes a minute to complete since the email text is auto-filled, and the names of the lawmakers are already filled in.
“I’m asking all Florida Realtors members to contact their representatives in the House and Senate – please help,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “This long series of short-term extensions makes no sense when the issue is so important.”
Florida is ground zero in the fight for flood insurance. The state had 1,756,448 NFIP policies in effect at the end of March – 35 percent of the programs total policies. Nearly every Realtor in Florida sells property in or near a flood zone.
“If a listing is located in a flood zone, a mortgage lender requires flood insurance coverage,” says Hansen. “And if that buyer cannot secure flood insurance because the program has expired, that transaction probably won’t take place.”
While homeowners with existing NFIP policies won’t feel an immediate impact, they will also be affected if they must renew their policies.
“And it’s hurricane season,” Hansen adds. “We certainly don’t want a crucial flood insurance program to expire during hurricane season.”
Consumers can also participate in NAR’s Call for Action. Hansen asks Realtors to forward the NFIP Call for Action URL (https://realtorparty.realtor/member-consumer/calls-for-action/take-action.html) to clients and friends.
“We need Congress to hear from all stakeholders in Florida,” she says.
© 2018 Florida Realtors®