Don’t Let Congress Wash Away Your Profits!
As you should already know, a 2014 re-authorization of the National Flood Insurance Program (NFIP) is scheduled to expire September 30, 2017.
When the NFIP expired in 2010, more than 40,000 home sales were disrupted every month. Arizona represents one percent of all policies nationwide, so 400 hundred monthly transactions could be in danger.
Click here to support passage of H.R. 2874: The 21st Century Flood Reform Act.
When you remove all of the coastal states and those bordering the Great Lakes, Arizona has the highest number of flood insurance policies in place. This is why it is vital to assure this legislation passes and we can enable private flood insurance coverage.
Home sales throughout Arizona rely on the floodplain maps created by the Federal Emergency Management Agency (FEMA) along with the rates set by the NFIP. If that insurance expires, properties on the market in areas designated as floodplains will grind to a halt, derailing sales even beyond the affected areas.
On top of that, Arizona currently has poor flood mapping. The NFIP funds mapping with the best technology to mitigate homeowners having to pay for surveys to get their property out of flood plain status. Unfortunately, a Congressional failure to re-authorize it would block FEMA from issuing new policies and significantly disrupt sales of homes and businesses.
Simply put, the program’s reauthorization deadline is a threat to all real estate consumers and directly affects the livelihood of our members. What can you do about it? Click here to support passage of H.R. 2874: The 21st Century Flood Reform Act.
It’s Raining, It’s Pouring, Flood Insurance Isn’t Boring