Legislative activity has picked up over the past two weeks as the House Financial Services Committee has approved
seven NFIP reform and reauthorization bills
which were expected to be combined into one. The combined bill is awaiting consideration by the full House of Representatives. The bill includes a 5-year reauthorization and private market reforms including the "Flood Insurance Market Parity and Modernization Act (H.R. 1422) to reduce barriers to private flood insurance but would:
- End all grandfathering after 4 years
- NOT provide for accurate property level flood mapping;
- FAIL to provide an analysis of the total cost of flood insurance due to multiple new fee and policy provisions
Congressional actions are still needed to address the above issues. Click here to download further details and all of NAR's Talking Points on this issue. Watch for additional updates at nar.realtor.