This was breaking news just a month ago. Flash floods hit areas in Oklahoma City many of us are familiar with, endangering motorists. The damage from that day mostly affected vehicles, but it was a reminder for many of us that our homes could have been next.
Over the past century, floods have claimed more lives and property than any other natural disaster. Flood events have also accounted for 73 percent of federal disaster declarations between 2008 and 2017. The National Flood Insurance Program(NFIP) is critical to many property owners across the country. Their ability to get a mortgage sometimes relies on this coverage. Unfortunately, we could lose this program on July 31st if Congress does not act. As a result, more than 20000 communities nationwide could be denied insurance coverage.
NAR has supported legislation to sustain the NFIP so it can continue to provide flood insurance to residential and commercial property owners across the Nation and provide critical certainty in the real estate market. The program is critically important to Americans and the nation’s economy because it increases the number of insured properties and reduces the cost of post-flood disaster governmental assistance, saving taxpayers property and money.