NAMB Urges Passage of NFIP Reauthorization
August 30, 2017
NAMB—The Association of Mortgage Professionals is calling on its membership to lobby Congress in support of H.R. 2874, The 21st Century Flood Reform Act, which reauthorizes the National Flood Insurance Program (NFIP) that is set to expire on Sept. 30.
In a Call to Action sent to the NAMB membership, the association explained that H.R. 2874 reauthorizes the NFIP for five years, caps rates at $10,000 per year for property owners, sets aside $1 billion flood mitigation assistance grants, directs FEMA to develop “more granular rate tables,” and increases consumer access to private market flood insurance.
“If the NFIP lapses, many home owners and future home owners will be severely impacted by outrageously expensive flood insurance,” NAMB said in its Call for Action.
The NFIP reauthorization is particularly timely in view of the events taking place in Texas, but Houston-area homeowners who lack flood insurance will not benefit from the program’s renewal. The Consumer Federation of America is estimating that up to 80 percent of homeowners impacted by Hurricane Harvey have no flood insurance coverage—and out-of-pocket costs could reach a record-breaking $28 billion.
And what would occur is the NFIP lapsed? "The entire real estate industry will shut down, effective immediately," predicted Garrett Guttenberg, Executive Vice President of Dennis Miller Insurance in Long Beach, N.Y., who added that he believed the NFIP will receive a one-year extension rather than a full reauthorization with new additions to the program.
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