WASHINGTON (March 4, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:
“The Homeowner Flood Insurance Affordability Act, H.R. 3370, passed overwhelmingly by the U.S. House today, is a responsible and balanced solution to the dramatic flood insurance rate increases unintentionally triggered by the Biggert-Waters reforms to the National Flood Insurance Program.
“As the leading advocate for homeownership and housing issues, NAR applauds this bill, which protects homeowners from the drastic premium increases that went into effect on October 1, 2013, and holds the Federal Emergency Management Agency accountable for any flood insurance policy changes.
Now the final legislation will need to be worked out between the House and Senate since there are significant differences between the bills each chamber passed.