Update on National Flood Insurance Program

Congress Reauthorizes Flood Insurance for 5 Years was published by National Association Of Realtors on June 29, 2012 and provides details on Update on National Flood Insurance Program . Living in Newburyport you need to pay attention to the current flood insurance programs, maps and local jetty news. This article shows how hard involved your Realtors are in working to protect your investments.

Excerpt of “Congress Reauthorizes Flood Insurance For 5 Years”

On June 29, 2012, the Senate and House passed the Flood Insurance Reform Act as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure within a few days. This is the culmination of a successful multi-year REALTOR campaign and a final push at NAR’s Midyear Legislative Meetings & Trade Expo in May 2012.It would not have been possible without the leadership of Reps. Biggert, Waters, Bachus and Frank, as well as Sens. Johnson, Shelby, Tester and Vitter.Since 2008, Congress had been extending the National Flood Insurance Program a few months at a time. Twice this led to shutdowns, including one that stalled more than 40,000 home sales in June 2010 alone. Passage of this 5-year re-authorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage.The bill ensures the program will continue long-term for more than 5.6 million business- and homeowners who rely on it, achieves one of NAR’s top priorities for the year, and means taxpayers will spend less on federal assistance for flood disasters over the long run. NAR will continue to monitor the legislation as it is implemented.For more information see the background article.

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For information on the real estate process, contact John Wells, REALTOR at Wellsco Realty at 978-518-1481 or teamjohn@johnpwells.com.

About Editor-John P. Wells

I am a resident of Newburyport and have worked in education, high tech and urban development. My interests in architecture and construction are invaluable to my clients. For more information please visit the Wellsco website.