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Flood Insurance Issues Could Sink Your Sales
Dear Representative Sarbanes, I am writing to you as a member of the National Association of REALTORS, to urge immediate Congressional action on the "Homeowner Flood Insurance Affordability Act." This bipartisan, bicameral legislation takes the crucial first step of delaying further implementation of some rate increases contained in the National Flood Insurance Program (NFIP) reauthorization known as the Biggert-Waters law (BW12). Calling a "time-out" will enable the Federal Emergency Management Agency (FEMA) to complete the affordability study already mandated by BW12, propose targeted regulations to address affordability issues found in the study, and give Congress adequate time to review these regulations. The "Homeowner Flood Insurance Affordability Act" prudently defers rate increases until FEMA can complete the affordability study mandated by BW12 and propose regulations to target affordability relief. The bill would also create an office of the Advocate for flood insurance rate and mapping concerns. We believe that this is a necessary provision. Other than insurance agents, property owners and real estate professionals do not have an effective avenue to pursue concerns regarding flood insurance rating errors and discrepancies. REALTORS support the "Homeowner Flood Insurance Affordability Act," and urge its immediate consideration.
Sincerely, Mr. William Adair
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