As Flood Risk Threatens Properties, Realtors® Can Play Key Role Keeping Buyers and Sellers Informed
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Homebuyers need to be aware of the threat that flooding poses to their investment, as well as to their safety, and Realtors(®) can play an important role in helping clients address that risk before disaster strikes.
Graham reminded Realtors(®) in attendance that all property owners have the option to purchase flood insurance, not simply those in high-risk areas. In many cases, she added, that coverage is relatively affordable.
Floods in lower risk zones are fairly common, according to Graham. She said 20 percent of National Flood Insurance Program claims occur in low- to moderate-risk zones, receiving one third of overall flood disaster assistance. Graham also reminded the audience that a disaster declaration alone may not result in a payout for property owners, calling the idea a myth. Instead, she said having a flood insurance policy in hand is critical to protecting property owners when disaster strikes.
"When we're working with our buyers, it's important to inform them of the devastation that can occur if they aren't covered," said Wells. She said of buyers in low- and moderate-risk areas who decide against purchasing flood insurance, "that's a really big mistake with what we know now."
NAR supports a range of policy solutions to ensure access to affordable flood insurance. Among them, NAR supports an extension of the NFIP before it expires in September of 2017, as well as mitigation efforts that protect homeowners before a flood strikes. Earlier this year, NAR also supported House-passed legislation that would allow homeowners to move seamlessly between the NFIP and private insurance markets without the risk of an arbitrary rate increase.
NAR President
"Floodwaters continue to threaten homes around the country, but the clock is ticking to reauthorize the NFIP," said Salomone. "As NAR works with leaders in
Earlier this year the REALTORS(®)
The
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
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Keywords for this news article include: Homeowners, Real Estate,
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