NAR Praises Senate Move on Flood Insurance
NAR President Steve Brown in a statement applauds Senate lawmakers for moving to consider legislation to delay changes in flood insurance premiums while the federal government works to resolve rapidly escalating flood insurance premium burdens on some properties. “NAR is calling on the Senate to seize this opportunity to hit pause on the rate increases while the Federal Emergency Management Agency researches the affordability and impacts of the Biggert-Waters [flood insurance] reforms,” Brown says in the statement. The legislation is the “Homeowner Flood Insurance Affordability Act,” S. 1926, sponsored by Sens. Bob Menendez, D-N.J., and Johnny Isakson, R-Ga.