The National Flood Insurance Program (NFIP) is under review for needed reforms while Congress is still in session. Several key pieces of legislation have been proposed for the program, including reauthorization. NAR, the National Association of Realtors® has published a press release on the latest bills which have passed through the House Financial Services Committee.
While the NAR feels that most of the legislation appears designed to help protect homeowners with more options and possibly lower costs, there is still work to be done. There is concern about potential confusion on the part of consumers regarding certain aspects of the 21st Century Flood Reform Act. As this legislation continues on to the House Representatives to review, the NAR hopes to work with Congress to implement additional improvements for the Act, to better protect the 22,000 communities which depend on the National Flood Insurance Program.
Cook County is one of these communities. Our proximity to Lake Michigan puts us in a high-risk flood zone. The NFIP is in place to provide homeowners a measure of protection should a flood disaster occur. 2017 also marks an update to the national flood maps, which are used to calculate insurance prices based on flood risks and other local factors. New rates are due to go in effect in the Fall; current policy holders will receive notice of any rate changes within a month of the effective date.
According the NAR, another major concern is getting the NIFP reauthorized so homeowners with coverage don’t have to deal with a lapse in coverage. If a lapse occurs, and there is a flood before reauthorization is passed, the disaster could be substantially greater in terms of cost for residents and communities alike. If you have or need to get flood insurance coverage, you may be able to get it from a private insurance company, or through the NIFP. No matter how you obtain flood insurance, understanding this important government program can help you better protect your home.
When you are ready to buy, or sell a home, you want to work with a Realtor® who understands how residential real estate is impacted by legislation and government programs such as the NFIP. My team and I are here to help you with all your real estate needs. We are ready to put our expertise to work for you. Learn more at our website, DriscollProperty.com, then contact the Driscoll Properties Team at 847-533-6786 to help you discover the home of your dreams