NAR letter to the House Financial Services Committee Regarding Flood Insurance Reform Hearing
Issue Date: June 06, 2017
On June 6, 2017, NAR sent a letter thanking the Chair and Ranking Member of the House Financial Services Committee for holding a hearing to examine the proposed draft legislation to reform and reauthorize the National Flood Insurance Program (NFIP). NAR submitted detailed on comments on the six draft bills.
Overall, the letter supports many of the bill provisions, which provide a 5-year reauthorization, $1 billion investment in pre-flood mitigation, and includes the text of HR -1422, the Flood Insurance Market Modernization and Parity Act to offer private market options in addition to the NFIP. The letter also identifies several areas where the drafts can be strengthened and clarified, including more accurate flood mapping at the property level, preserving grandfathering and analyzing the total cost of flood insurance when considering the new surcharges and fee increases under the various sections of the bill.