The National Flood Insurance Program (NFIP) expired for the third time this year, and the National Association of Realtors® (NAR) has issued a Call for Action.
Congress has a number of different flood extension bills to consider, and while the general consensus of lawmakers is to extend the program, they disagree on the way to do so.
NAR is not pushing any specific bill, but instead wants Congress to approve something with a long-term extension so Realtors can avoid this year's on-again/off-again lapse in coverage.
To contact your lawmakers and urge them to pass a flood insurance extension, visit NAR's Call for Action website. The system will identify your personal representatives and send the email for you. The process takes only a few minutes at: http://takeaction.realtoractioncenter.com/campaign/nhip_rhs_two
NAR also maintains a webpage for updated flood insurance information at: http://www.realtor.org/government_affairs/flood_update
In the meantime, there are workarounds for some buyers who do not have flood insurance coverage prior to closing. If a seller has flood insurance, he or she can usually transfer that existing policy to the buyer, negating the need to secure a new policy. The current hiatus impacts only the issuance of new policies or, if it lasts long enough, the renewal of existing policies. Homeowners currently covered continue to have flood protection.
NAR will post the official stances of Fannie Mae, Freddie Mac, VA and FHA on its flood insurance webpage as they become available.
Source: Florida Realtors®
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