Home » Bangor » FLOOD INSURANCE BILL MOVES FORWARD

FLOOD INSURANCE BILL MOVES FORWARD

The National Association of Realtors® today said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at improving the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, including 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.
NAR President William E. Brown, thanked the committee for working with Realtors® to strengthen the bill and announced NAR’s support for changes to Act which will help give certainty to homeowners who have brought their property to code and have done their part to protect it against flood risk. It’s a fair and reasonable approach that recognizes the need for accessible, affordable flood insurance.

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