Support Critical Delays to Flood Insurance Rate Hikes
Last week, the National Association of REALTORS® issued a Call for Action to build support for the “Homeowner Flood Insurance Affordability Act.”
It is critical that you take action and tell your representatives in Washington that you support legislation to halt flood insurance rate increases for four years until FEMA can complete its mandatory flood insurance affordability study. This legislation has a direct impact on New Jersey - the flood insurance rate increases are pricing families out of their homes and are making it difficult for new families to purchase properties requiring flood insurance in order to obtain a mortgage. The delay is vital for those living in or selling real estate in flood prone areas, from those along the Jersey Shore to those in areas near rivers and lakes in the Garden State.
Following the bill's introduction in Congress, many members of Congress have publicly stated their opposition to the bill, raising concerns for REALTORS® whose communities and businesses are directly impacted by the rate increases. Worse, FEMA's administrator has also publicly opposed delaying the rate increases.
With this opposition from officials in Washington, it is more important than ever that you support the REALTORS® Call For Action and tell Congress that FEMA must first conduct its mandated affordability study before imposing unrealistic rate increases on millions of American citizens, creating severe economic hardships for property owners and harming the still-recovering real estate market.
Click here to send a pre-written letter to your representatives in Washington in support of the "Homeowner Flood Insurance Affordability Act."
If you have any questions about this legislation, please contact NJAR®'s Government Affairs Department at (732) 494-5616.
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