{"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

\n

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

\"\"<\/p>\n

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

[ad_2]
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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_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_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},"jetpack_post_was_ever_published":false},"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,"jetpack-related-posts":[{"id":6116,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-urges-congress-act-on-flood-insurance-fast\/","url_meta":{"origin":2744,"position":0},"title":"NAR Urges Congress: Act on Flood Insurance, Fast","author":"Amazing Property","date":"September 6, 2017","format":false,"excerpt":"Amid Hurricane Harvey and now a looming threat from Hurricane Irma, the National Association of REALTORS\u00ae warns Congress that letting the National Flood Insurance Program\u00a0expire at the end of the month could have dire consequences. 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Fifty-six percent of consumers recently surveyed believe that a standard homeowner\u2019s policy covers flood damage. But they\u2019re mistaken, and their assumption could be a costly mistake. Educate Yourself Would\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"Home Insurance","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Home-Insurance.jpg?fit=1080%2C811&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6147,"url":"https:\/\/amazingproperty.com.ng\/blog\/florida-realtors-brace-for-irmas-wrath\/","url_meta":{"origin":2744,"position":2},"title":"Florida REALTORS\u00ae Brace for Irma\u2019s Wrath","author":"Amazing Property","date":"September 8, 2017","format":false,"excerpt":"Mass evacuations have been ordered throughout the state of Florida as Hurricane Irma barrels toward Miami as a Category 4 storm. 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Congressional Republicans are pushing the bill, he said, simply because they need a legislative victory. Read more. The recently released GOP tax reform plan would decrease\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 6 17 Steveschmidt.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_6_17_SteveSchmidt.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":690,"url":"https:\/\/amazingproperty.com.ng\/blog\/lawmakers-need-realtors-on-tax-reform\/","url_meta":{"origin":2744,"position":4},"title":"Lawmakers Need REALTORS\u00ae on Tax Reform","author":"Amazing Property","date":"February 9, 2017","format":false,"excerpt":"[ad_1] The chairman of the tax-writing House Ways & Means\u00a0Committee\u00a0joined\u00a0REALTORS\u00ae\u00a0at NAR\u2019s 2017 Federal\u00a0Policy Conference\u00a0in Washington\u00a0yesterday and\u00a0urged\u00a0them\u00a0to stay engaged\u00a0over the next year\u00a0while lawmakers in Congress look at a full-scale reform of the country\u2019s tax code. NAR President William Brown greets Rep. 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