Flood Insurance Reform Bill Passes House Vote

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Good news for all Fort Lauderdale home owners, the flood insurance Reform Bill passed the U.S. House of Representatives vote. This flood insurance reform bill will reauthorize the National Flood Insurance Program to Sept. 30, 2015. Many organizations such as the National Association of REALTORS® is strongly support this bill.

The bill now goes to the Senate for final approval. Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets that are much in need, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshaling the bill through House passage.

Millions of taxpaying American families rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation. Vicki Cox Golder, NAR president commented that the “passage of this bill would restore flagging confidence in a important program would assure continuation for several years without further disruption to real estate markets upon which our nation’s economic recovery depends”. Source: NAR

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