Call to Action on Flood Insurance

Call to Action on Flood Insurance – Effective January 1, 2014, all properties in a special flood hazard area will require an elevation certificate or Letter of Map Amendment (LOMA) in order to even receive a Flood Insurance quote by insurance companies.

Many Hot Springs properties that were shown to out of the floodplain in the 1991 maps were placed within the floodplain in the 2010 maps.

The National Association of REALTORS® has issued a Call for Action in support of legislation delaying the phase-out of federal flood insurance premium subsidies for owners of some types of properties. The “Homeowner Flood Insurance Affordability Act,” H.R. 3370 in the House and S. 1610 in the Senate, would give the Federal Emergency Management Agency time to resolve problems associated with changes in federal flood insurance premiums and undertake a statutorily required affordability study, among other things.  NAR Past President Moe Veissi testified before a House panel yesterday in support of the bills. “Only the first round of rate changes have taken effect and already property owners and REALTORS® across the country are reporting dramatic increases well beyond what was imagined and certainly beyond congressional intent,”

Click on the above Call for Action to send a message to our legislators in Washington, D.C.