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Coalition Letter to House Financial Services Committee Regarding NFIP for Markup

Issue Date: June 12, 2017


On June 12, 2017, NAR as part of a coalition National Real Estae Organizations sent a letter to Chairman Hensarling and Ranking Member Waters of the House Financial Services Committee and cc'ing the full Committee. The National Flood Insurance Program (NFIP) ensures that businesses and residences throughout the country are able to recover from flooding and continue contributing to the economy. The letter outlines six points of clarification and improvement to the NFIP: 

  • Clarify the commercial “opt-out” provision and include a threshold requirement.
  • Include optional business interruption coverage.
  • Multiple structure coverage under one policy.
  • Help FEMA develop more accurate mapping.
  • Develop more effective pre-flood mitigation.
  • Replacement cost value for commercial and multifamily structures.