GAAR Extension of Flood Insurance Funding

GAAR Extension of Flood Insurance Funding

AUGUSTA, GA (WFXG) - More than 129,000 REALTORS® nationwide have been urging extension of the National Flood Insurance Funding Program for months by communicating with senators/members of Congress in support of the extension. President Trump signed the extension on July 31, 2018. The National Flood Insurance Program (NFIP) provides up to $350,000 of flood insurance coverage where required for a federally backed mortgage in 22,000 communities nationwide. It also provides an alternative to taxpayer-funded disaster assistance, which averages $5,500 per household, but more often means an SBA loan that must repaid with any underlying mortgage. While there is a growing market for private flood insurance, for many, the NFIP continues to be the primary source of asset protection against flooding, the most common and costly natural disaster in the United States.

GAAR President, Philip Jones, released the following statement regarding the bill, "We are pleased to be a voice for property owners in the area and our lawmakers heard our concerns. We will continue to fight for reforms we believe will benefit our clients." The National Flood Insurance Program was extended through November 30th when signed into law.

For further information on the National Association of REALTORS® efforts to extend and reform the National Flood Insurance Program, please visit www.nar.realtor/national-flood-insurance-program.

For more information about the Greater Augusta Association of REALTORS®, please visit www.augustarealtors.com.