Flood Insurance Reform Passed by the Senate

The US Senate has passed the Homeowner Flood Insurance Affordability Act and sent it to the White House for President Obama to sign it into law.

National Association of Realtor’s President Steve Brown made the following statement in regards to the importance of this reform:

“As the leading advocate for home and property owners, NAR applauds this bill for the relief and protection it will bring to businesses and families nationwide, who are experiencing financial hardship because of the extreme and sudden premium increases.  We believe this legislation will bring relief to property owners by ensuring a slow and steady phase in of risk-based increases.”