The National Flood Insurance Program (NFIP) was established in 1968 by Congress. The purpose of the NFIP is to protect property owners from the financial devastation of floods. Currently, the NFIP “provides up to $350,000 of flood insurance coverage where required for a federally backed mortgage in 22,000 communities nationwide” (National). With the NFIP set to expire August 31, 2018, the National Association of REALTORS® issued a Call for Action asking all REALTORS® in the country to contact their congressperson requesting an extension to the NFIP.
Thus, “REALTORS® have been urging extension of the program for months” (Freedman). Nearly 15 % of NAR’s membership sent letters to their members of Congress in support of the extension. The program has now been extended until November 30, 2018.
Mississippi REALTORS® used their collective voice to influence Congress into extending the national flood insurance program. Further, Mississippi REALTORS® had the highest percentage of REALTOR® participation in the nation, per state, at 35.91%.
Both buyer and seller consumers would have been dramatically affected had the NFIP not been extended. Sellers could not effectively sell, and buyers would not choose to buy in areas that require flood insurance. REALTORS are strong advocates for legislation that affects homeownership and demonstrated this with their participation in urging Congress to extend the program.
REALTORS® are the Voice for Real Estate and fight to protect the rights of property ownership.