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Flood Control Facebook Forum

Posted on: July 9, 2012

With the Monsoon Season in full swing, The Santa Cruz County Board of REALTORS is hosting an open Facebook forum with John Hays of the Santa Cruz County Flood Control Department. The purpose is to encourage the community to have an open dialog with Mr. Hays with any flood control issues and/or concerns. The organizations have been working together in the past few months to help reduce the cost of flood insurance by implementing new procedures for REALTORS and by creating new disclosures for the public. Login to Facebook and join us at Facebook.com/SCCBRnews on Saturday, July 14th at 10:00am.

In addition, the Biggert-Waters Flood Insurance Reform Act of 2012 was passed late last week as part of a transportation funding bill and has been signed into law by the president. The legislation extends NFIP authority through September 30, 2017.

According to NAR, Realtors® have been advocating a long-term reauthorization of the NFIP for years. The 5-year reauthorization will end the uncertainty of NFIP stopgap extensions and shutdowns and will help bring stability to real estate markets.”

NAR has long supported the NFIP, which protects property owners in more than 21,000 communities where flood insurance is required for mortgages. More than 5.6 million property owners rely on the program against flood-related disasters, which claimed more lives and property than any other natural disaster in the U.S. over the past century. In fact, floods are the most common natural disaster in the country; since 1990 floods have been declared in every state, along rivers and anywhere rain falls or snow melts.

Without the NFIP, families and business owners across the U.S. would go without essential flood protection, since the private market cannot guarantee the availability or affordability of flood insurance. The NFIP also saves taxpayers money, since it serves as an alternative to expensive federally funded disaster relief for flood victims.

For some time now, Congress has been approving short-term extensions of the NFIP authority to issue flood insurance policies. Since September 2008 there have been more than 17 extensions, and authority has been allowed to expire two times, delaying or cancelling 1,300 real estate transactions each day of the lapse, according to NAR research. During the June 2010 lapse, NAR survey data estimates that more than 40,000 home sales were delayed or cancelled, which undermined home buyer and investor confidence.

Visit: NAR News Releases for more details.

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