Have you heard from clients who report their flood insurance rates are going up? NAR currently has a call to action to support recently introduced legislation to delay these increases. And on November 19th, NAR past president Moe Veissi testified against further implementation of rate increases until FEMA can report to Congress as required by the Biggert-Waters law. Biggert-Waters was signed into law last summer and provided a reauthorization of the National Flood Insurance Program (NFIP) for five years. This was very important to homeowners and REALTORS®, particularly in an area like Sacramento where flood insurance is so important. The numerous lapses in the availability of flood insurance before this caused significant market uncertainty for those buying a home or that live in a flood prone area. Biggert-Waters also had provisions to attempt to make NFIP more financially stable. Biggert-Waters was not implemented as originally intended, and many homeowners are facing rate increases that were not the target of Congress. Work is now being done to delay the implementation of Biggert-Waters and the flood insurance rate increases. H.R. 1610, Homeowner Flood Insurance Affordability Act was introduced recently which seeks to delay and clarify the increases. If you have not already done so, and would like to respond to NAR’s call to action supporting H.R. 1610 which would delay the implementation of flood insurance rate hikes, you can click here. Responding takes only moments and is done via email.