NAR, House Financial Services Committee reach agreement on flood insurance legislation
The National Association of REALTORS recently said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, REALTORS support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes.
The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.