Menu

NYSAR News

Latest News

REALTORS applaud Senate passage of amended Flood Insurance Affordability Act

Mar 14, 2014
NAR President Steve Brown praised the U.S. Senate yesterday for taking quick action to pass the House version of the Flood Insurance Affordability Act.The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.

As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama is expected to sign the bill into law when it arrives at the White House. NAR had urged a swift vote in the Senate.

Click here to read Brown's statement.

Featured Content

Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

NYSAR News