REALTORS® Work for Flood Insurance Extension

Chad Schneider, 2017 President, Lorain County Association of REALTORS®

Chad Schneider 2017 LoCAR President

Because of REALTORS® across the country, Congress extended the National Flood Insurance Program (NFIP) for another 3 months, from Sept. 30, 2017 to Dec. 8, 2017. And rest assured, we are not done working for you, our home owners and home sellers. REALTORS will continue the fight until Congress extends this program for another five years.

The National Flood Insurance Program (NFIP) provides necessary flood protection and coverage for 5 million policyholders across 22,000 communities nationwide. Further, statistics show that over 14,000 real estate transactions could be in jeopardy without the NIFP.

What’s so import about the Flood Reform Act and why are REALTORS in support of the program? Because it…
• Extends NFIP for 5 years
• Preserves the practice of grandfathering for remapped property owners who build to code
• Would enable repetitive loss property, if an owner mitigates to code, to grandfather
• Limits rate increases to no more than 15 percent per year with a new ceiling of $10,000 maximum
• Authorizes $1 billion in pre-flood mitigation assistance grants to elevate, flood proof, buyout or mitigate high risk properties
• Addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies but 25 percent of the claim payments over the history of the program.

Today’s sellers and buyers have a lot of choices when it comes to REALTOR® representation, whether full-service or limited service. Make sure that expectations regarding level of service, communication and representation are agreed upon before selecting a REALTOR®, a member of the Lorain County Association of REALTORS®. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

REALTORS® support plans to help America’s housing market and homeowners. Improving access to simple, low-cost refinancing and streamlining the process will help hardworking families who have stayed current on their mortgage payments and will go a long way to helping keep more families in their homes. REALTORS® also support the renovation of homes in order to sell to owner-occupants.

Do your research and take advantage of the many housing opportunities right here in Lorain County and Northeast Ohio. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available here! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.

The National Association of REALTORS® is known as “The Voice of Real Estate.” NAR members are outspoken consumer advocates actively engaged in all elements of the residential and commercial real estate industries. REALTORS® support the American Dream of homeownership while working to create stronger, more vibrant communities in which to live and work.

As an organization, NAR is leading the drive for home ownership in many ways. NAR encourages all REALTORS® to become aggressive advocates for successful housing opportunities for families and businesses throughout the U.S. Remember, Home Ownership Matters. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing nearly one million members involved in all aspects of the residential and commercial real estate industries.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.