Congress passed a continuing resolution this week to fund the government and the National Flood Insurance Program (NFIP) through March 11 while lawmakers negotiate a longer-term funding deal.
With flooding being the most common and costly natural disaster in the United States, REALTORS® play an important role as an information resource regarding flood preparedness for current and potential homeowners.
NAR recently worked with the Federal Emergency Management Agency (FEMA) to update the comprehensive flood-preparedness toolkit for real estate professionals and lenders.
The kit contains shareable brochures, postcards, and fact sheets on the requirements and important financial protections provided by flood insurance. Topics include:
- Flood Insurance for Homeowners: What’s Covered?
- Flood Insurance for Real Estate Professionals: Questions and Answers
- Why Do I Need Flood Insurance?
- Documenting and Insuring Your Property
Many of these resources are available in both English and Spanish.
The kit also includes webinars, online tools, and videos to help REALTORS® increase their understanding of the NFIP and ensure homeowners have the coverage they need.
In fall 2021, NAR created an additional member toolkit on Risk Rating 2.0: Equity in Action, the new pricing methodology for the NFIP. Risk Rating 2.0 updates FEMA’s 50-year-old rating system to price each home individually—rather than by flood zone—and do so more accurately using modern insurance industry technologies, standards, and science.
NAR collaborated directly with FEMA for nearly a decade in the development of this new methodology. FEMA began implementing Risk Rating 2.0 in October 2021 for new policies. It will take effect for renewals of existing policies starting April 1.