Real Estate

Hurricane Florence spurs calls for long-term NFIP reauthorization

The National Association of Realtors request resolution

The impending devastation of Hurricane Florence is causing a national stir, forcing many to worry about the potential threat of loss of life and property damage.

As the storm inches closer to the Mid Atlantic, The National Association of Realtors are calling on the government to pass a long-term resolution for the National Flood Insurance Program.

“Although the National Flood Insurance Program is currently authorized through November, the National Association of Realtors remains focused on ensuring Congress and the White House enact long-term reauthorization and reforms to strengthen the program’s sustainability,” National Association of Realtors President and CEO of RE/MAX Boone Realty Elizabeth Mendenhall said.

“Flooding is the most common disaster in the United States, one that affects Americans in communities both coastal and inland every year," Mendenhall said. "As another potential historic flooding event looms, we urge Congress to take up the fight for responsible long-term NFIP reform as swiftly as possible.”

A recent analysis from CoreLogic shows that 758,657 homes in North Carolina, South Carolina and Virginia could be affected by the Category 4 storm, estimating that reconstruction costs could total up to $170.2 billion.

“In these times, we are reminded of the importance of peace of mind for property owners with access to quality and affordable flood insurance,” Mendenhall concluded.

This isn’t the first time that a call for resolution has been requested.

Earlier this year, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif. and 61 members of Congress demanded a long-term reauthorization of the controversial NFIP.

Most Popular Articles

Airbnb properties wouldn’t make a dent in housing market

While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts who can’t pay their mortgages isn’t one of them. HW+ Premium Content

Jun 02, 2020 By

Latest Articles

Here’s evidence of V-shaped recovery

This week, the “V-shaped” recovery in purchase applications is mimicked by the inverted “V-shaped” recovery of the St. Louis Stress Index. According to HousingWire Columnist Logan Mohtashami, this signals a return to a much more calm financial market.

Jun 05, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please