The National Flood Insurance Program (NFIP) will expire on July 31. If it expires, this will cause many challenges to the real estate market right when things are going well.
This is important because our area has a number of properties included on the FEMA Flood Zone Maps. Depending on qualifications of the property, the property could be eligible for the NFIP program which helps keeps flood insurance cost down on consumers.
Reforms are also needed to the NFIP program. From the National Association of Realtors, "as currently structured, the NFIP is not financially sustainable over the long run. According to the Congressional Budget Office, the program is not charging enough in premiums to cover expected claims in catastrophic loss years, and has already borrowed over $30 billion from taxpayers to make up the difference."
We have been talking to our elected representation in the US Congress. In their responses, action is highly possible and it is our hope that a viable solution comes together. Stay tuned or see some challenges ahead!
If interested in more information, just give us a shout!