More than 1,300 closings a day stand to be impacted, according to this post from NAR. While flood insurance is typically considered to be a coastal issue, the reality is that flood plains exist all over the country. In some Midwestern states, as much as 10% of homes are in flood plain zones. Many more are located in southern areas.
The National Flood Insurance Program expires at the end of September. NAR has been urging lawmakers to extend the program for another 5 years because if the coverage ends, sales of homes in these flood plain areas can’t close. Meaning that the universal impact of this insurance expiring can be devastating to real estate sales.
As REALTORS®, we join NAR in asking you to take action on flood insurance. Let VA lawmakers know that Realtors® care about homeowners by advocating for the extension of this insurance coverage.