The NFIP aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations. These efforts help mitigate the effects of flooding on new and improved structures.
“The National Association of Mortgage Brokers and its thousands of members are very proud this morning of Chairwoman Waters and Ranking Member McHenry for their tireless work spearheading a long-term solution that protects millions of Americans,” said Rick Bettencourt, CRMS, NAMB president.” “This extension of the NFIP positively impacts many critical levels of the mortgage industry and our entire body stands by this bipartisan legislation that will improve how our industry can and will do business.”
According to experts, the reauthorization of NFIP will help the marketplace in many ways including: Increasing funding for flood risk mapping and mitigation; providing premium credits for not currently recognized mitigation activity; creating a new zone to account for levee-protected areas; and establishing umbrella coverage options for multifamily development.
"The NFIP makes flood insurance available to millions of homeowners, renters, and business owners and also helps those policyholders to reduce their risk by providing flood mapping, floodplain management, and mitigation services," said Rep. Waters. "These activities help local communities and individuals prepare for the financial impact of flooding, whether it is caused by heavy rainfall that affects families living in the Midwest or life-threatening storms that pummel the millions of homes and businesses along the coasts."
NAMB urges its membership and the entire marketplace to join them in showing support for this critical decision by contacting the U.S. House Committee on Financial Services by clicking here