NAR helps secure FEMA new flood policies during shutdown
In a critical win for home sales
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12 West Hawaii Real Estate | January 4, 2019
while the partial shutdown
of the federal government is
ongoing, the Federal Emergency
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Christina Sotelo, BA
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Management Agency will issue and
renew flood insurance policies,
reversing an unexpected and
controversial ruling the agency
released earlier this week.
“FEMA and the Administration
deserve credit for hearing our
concerns and acting swiftly to address
them,” says NAR President John
Smaby. “This new decision means
thousands of home sale transactions
in communities across the country
can go forward without interruption,
as Congress intended when it
renewed the flood insurance program
earlier this week. Our research has
shown that 40,000 home sales are lost
every month that flood insurance is
not available.”
Congress on Dec. 21 passed
legislation that extends the National
Flood Insurance Program until May
31. In an unexpected policy decision,
though, FEMA on Dec. 26 said it
couldn’t allow insurers to issue and
renew federal policies while the
partial government shutdown was
ongoing. That ruling was unexpected
because in past government
shutdowns, FEMA continued to
operate the program as authorized.
NAR, along with other organizations,
including the Property Casualty
Insurers Association of America and
the Independent Insurance Agents
& Brokers of America, urged policy
makers to reevaluate the decision.
Congress expressed concern as well.
“We thank the Administration
and Congress for stepping up
so quickly to ensure the smooth
continuation of flood insurance at a
time when market disruption would
be extremely hard-felt,” says Shannon
McGahn, NAR senior vice president of
government affairs.
link
/www.konahomesandrentals.com
