Realtors® applaud bipartisan legislation to delay flood insurance rate increases

COLUMBIA, S.C. – October 31, 2013 – (RealEstateRama) — The National Association of REALTORS® (NAR) and South Carolina REALTORS® (SCR) are working with Congress to delay flood insurance increases as a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12).

The bipartisan ‘Homeowner Flood Insurance Affordability Act’ was introduced this week in the Senate by Senators Robert Mendendez, D-N.J.; Johnny Isakson, R-Ga.; and Mary Landrieu, D-La., and in the House by Representatives Michael Grimm, R-N.Y. and Maxine Waters, D-Calif.

The bill will help millions of homeowners who are facing sudden and extreme increases in flood insurance premiums and takes the first step toward delaying further implementation of some rate increases and will allow the Federal Emergency Management Agency (FEMA) to complete an affordability study mandated by BW-12. The delay also will allow time for Congress to review propose targeted regulations to address any affordability issues.

“The new rate structures in BW-12 have caused serious confusion and hardship for South Carolina’s property owners. FEMA’s continued delays and missed deadlines, in combination with the legally required transition to true-risk rates, has been disastrous,” said SCR CEO Nick Kremydas.

“SCR supports the reconsideration of BW-12, making sure FEMA does its homework first. In the meantime, Realtors® will continue to work with Congress by creating a responsible and sustainable flood program for home and business owners,” said SCR President Sandy Stone.

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South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.

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CONTACT: Sharon Delia
sharon (at) screaltors (dot) org