{"id":2744,"date":"2017-03-30T00:00:00","date_gmt":"2017-03-30T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/realtors-warn-of-doomsday-if-flood-insurance-expires\/"},"modified":"2017-03-30T00:00:00","modified_gmt":"2017-03-30T00:00:00","slug":"realtors-warn-of-doomsday-if-flood-insurance-expires","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/realtors-warn-of-doomsday-if-flood-insurance-expires\/","title":{"rendered":"REALTORS\u00ae Warn of Doomsday if Flood Insurance Expires"},"content":{"rendered":"

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Time is ticking for the National Flood Insurance Program. In just six months\u2014on Sept. 30\u2014the NFIP is set to expire, and REALTORS\u00ae are warning that could pose a major threat to home owners and property sales.\u00a0<\/p>\n

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Read more<\/strong>: Under New Congress, NAR Keeps Focus on You<\/span><\/p>\n<\/blockquote>\n

\u201cWhen the NFIP expired in 2010, over 1,300 home sales were disrupted every day as a result,\u201d says NAR President William E. Brown. \u201cThat\u2019s over 40,000 every month. Flood insurance<\/a> is required for a mortgage<\/a> in the 100-year floodplain, but without access to the NFIP, buyers simply couldn\u2019t get a mortgage or vital protection from the number one cause of loss of property and life, flooding<\/a>.\u201d<\/p>\n

The National Association of REALTORS\u00ae is working with lawmakers to strengthen the program and also create a path for a private market to take hold ahead of the Sept. 30 expiration.<\/p>\n

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Brown notes that policyholders in more than 22,000 communities across the country rely on the NFIP to protect them from flood risks, such as torrential rain, swollen rivers and lakes, snow melt, failing infrastructure, and storm surges and hurricanes. Coastal communities tend to be at greatest risk of flooding.<\/p>\n

\u201cWhen the lifeline is cut off, the NFIP can\u2019t issue new policies or renew existing residential or commercial policies that expire,\u201d Brown notes. \u201cThat means current homeowners and business owners may find their most important asset unprotected if the program isn\u2019t renewed.\u201d<\/p>\n

Last year was the third largest claims payout year in the NFIP\u2019s history, costing more than $4 billion, according to NAR.<\/p>\n

\u201cThe NFIP isn\u2019t perfect, and reforms are needed,\u201d Brown says. \u201cCongress has six months to do the right thing and pass a long-term reauthorization of the program. We\u2019re hoping they do just that.\u201d<\/p>\n

\u2014<\/span>REALTOR\u00ae Magazine Daily News\u200b<\/em><\/p>\n<\/div>\n

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Time is ticking for the National Flood Insurance Program. In just six months\u2014on Sept. 30\u2014the NFIP … REALTORS\u00ae Warn of Doomsday if Flood Insurance Expires<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2745,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[4751,1403,12908,543,215,248,627,698,408,1007,41,255,818,693,15282],"class_list":["post-2744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homeowners","tag-insurance","tag-mortgage","tag-owners","tag-property","tag-property-sale","tag-real","tag-realtors","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/NAR-TroubledWater-final_facebook.jpg?fit=1200%2C630&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2744"}],"version-history":[{"count":1,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2744\/revisions"}],"predecessor-version":[{"id":89866,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2744\/revisions\/89866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/2745"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}