Flood Insurance Affordability Bill has been passed! Great News for Real Estate Market
On M arch 4 th , 2014, the Homeowner Flood Insurance Affordability Act was passed overwhelmingly by the U.S. House! Thousands of realtors across the United States have already expressed their excitement about this newest development. Since the beginning of 2014, over 40 000 home sales have been lost because of unreasonable premiums on flood insurance. Once again, the housing market became once again more affordable. Homeowners and home buyers no longer have to be afraid of once again increasing flood insurance rates. Here at SI Real Estate , we had our own experience with the flood insurance and saw contracts go south because of unrealistic premium charges, which our customers couldn’t afford. Thanks to the National Association of Realtors (NAR) which is the largest trade association in the United States, the housing market will feel immediate relief as flood insurance won’t be such a huge obstacle in the way of buying a property to call home. NAR was the leading advoca...