Call for Action – Reauthorize Flood Insurance, Protect Real Estate
June 18, 2018
A Lapse in the National Flood Insurance Program Threatens Real Estate, REALTORS®, and Homeownership in Minnesota
June 18, 2018 – St. Paul, MN
The National Flood Insurance Program (NFIP) protects Minnesota’s homeowners and REALTORS®. Minnesota’s REALTORS® MUST ACT to protect, reauthorize, and modernize the National Flood Insurance Program.
The National Flood Insurance Program (NFIP) is a vital program for homeowners in Minnesota, and is essential to the success of REALTORS® locally and nationally. NFIP provides homeowners in flood prone areas much-needed access to flood insurance coverage, which is often required to obtain a mortgage in these areas. However, the program, as authorized by Congress, expires on July 31, 2018, and REALTORS® must act to tell Congress to reauthorize the NFIP. Starting on June 18, 2018, REALTORS® should respond to the National Call for Action from the National Association of REALTORS to urge Congress to reauthorize NFIP.
The consequences of failing to reauthorize NFIP are dire, and the impacts on homeownership and real estate are real and severe. Each month that NFIP lapses, 40,000 property sales nationally – and many here in Minnesota – are at risk, threatening the ability for people to buy homes, and for REALTORS® to earn a living. This fact alone should convince real estate professionals of the importance of NFIP.
In the ongoing flood insurance reauthorization effort, the National Association of REALTORS® is working with key allies in Congress to make needed improvements to the program. The 21st Century Flood Reform Act, which includes a five-year reauthorization, works to strengthen the private market flood insurance options, builds on the current risk mitigation proposals to help keep rates affordable, and expands on efforts to ensure accurate flood maps. These changes will help save the program money, protect homeowners, and ensure that people can successfully buy and sell homes (and ensure REALTORS® are able to earn commissions!).
It’s up to us, the Voice of Real Estate. Starting on June 18, members of the REALTOR® Party (That’s YOU!) should take 30 seconds to respond to the National Call for Action. Visit www.realtorparty.realtor/renewnfip to answer the call.
To stay up to date on this, Text “NFIP” to 30644 to sign up for REALTOR® Party Mobile Alerts and get more information on the National Flood Insurance Program (NFIP).
Thank you for your commitment to the industry.
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