The viability of the National Flood Insurance Program (NFIP) is more important than ever to property owners in southwestern Illinois, according to Paul Osman of the Illinois Department of Natural Resources.

On Tuesday, Osman told members of the REALTOR® Association of Southwestern Illinois (RASI) how he helps communities stay in compliance with NFIP.  Elevation, location and flooding history are just a few of the factors that play a role in the special insurance protection that is required by lenders for properties located in flood plains.

Illinois REALTORS® Local Governmental Affairs Director Ron Deedrick reminded RASI members flooding is the most common and costly natural disaster in the United States. Those factors are part of the reason why the National Association of REALTORS® (NAR) has been lobbying Congress to reform the NFIP for years.

According to the Congressional Budget Office, the NFIP isn’t charging high enough premiums to cover future claims in catastrophic loss years. The NFIP provides up to $350,000 of flood insurance coverage in 22,000 communities nationwide.

In recent months, Osman has spoken to 150 members from three local associations in Deedrick’s territory: RASI, the Greater Gateway Association of REALTORS® and the Egyptian Board of REALTORS®.

“All three of my associations touch the Mississippi River, the Ohio River or other inland rivers, so I wanted members to have a property-level idea of how elevation, etc., affects their clients,” Deedrick said.

Find out more about NAR’s ideas for NFIP reform. To learn about flood insurance legislation that’s pending in Congress, visit this page and scroll down to select “National Flood Insurance Program” under the “Insurance” heading.