Sep 19, 2011
Flood Insurance is on the radar at the Richmond Times-Dispatch
19 Sep 2011
“We can’t wait for flood insurance” is the driving message behind the Sunday op-ed in the Richmond Times-Dispatch, penned by VAR CEO Scott Brunner. While VAR and NAR have been urging members to contact their legislators on this issue for months, Hurricane Irene has brought the issue into much sharper relief here in Virginia, and it’s starting to resonate with Virginia property owners.
Direct from the source:
“Let’s be clear: Federal flood insurance is not a questionable expenditure or pork-barrel politics. This is a longstanding and critical program used by more than 5 million American families in 29,000 communities nationwide — many of them here in Virginia — and one that covers $1.2 trillion in assets. (In fact, about 97 percent of the U.S. population lives in a county that has declared a major flood disaster in the last 20 years.)”
The concern, both for Realtors® and for the Virginia housing economy, is that if the National Flood Insurance Program expires, home sales will grind to a halt. Last year, when Congress allowed the NFIP to lapse briefly, 47,000 home sales across the nation were delayed or cancelled. In this economy, the last thing we need is to create that kind of roadblock again.
Read the full piece here, and be sure to “Like” and share on your Facebook page so more Realtors® and clients can become aware of this important issue.
Click here to take action through the NAR Realtor® Action Center on the NFIP.