For the sake of property owners across the country, NAR President Elizabeth Mendenhall repeated her request for a long-term reauthorization of the National Flood Insurance Program (NFIP) and reforms as Hurricane Florence nears the U.S. East Coast.
“In these times,” Mendenhall said, “we are reminded of the importance of peace of mind for property owners with access to quality and affordable flood insurance.
“Although the National Flood Insurance Program is currently authorized through November, the National Association of Realtors® remains focused on ensuring Congress and the White House enact long-term reauthorization and reforms to strengthen the program’s sustainability,” she said. “Flooding is the most common disaster in the United States, one that affects Americans in communities both coastal and inland every year. As another potential historic flooding event looms, we urge Congress to take up the fight for responsible long-term NFIP reform as swiftly as possible.”
The NFIP affects property owners in Illinois and across the country and REALTORS® have lobbied Congress for reforms and a long-term solution, but have received several short-term extensions in recent years. On July 31, Congress passed an extension of the program that lasts through Nov. 30.