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National News: NAR Helps Secure FEMA Reversal On New Flood Policies During Shutdown

12.31.18

In a critical win for home sales while the partial shutdown of the federal government is ongoing, the Federal Emergency Management Agency will issue and renew flood insurance policies, reversing an unexpected and controversial ruling the agency released earlier this week.

On December 21st, Congress passed legislation that extended the National Flood Insurance Program until May 31, 2019. In an unexpected policy decision, though, FEMA on December 26th said it couldn't allow insurers to issue and renew federal policies while the partial government shutdown was ongoing. That ruling was unexpected because in past government shutdowns, FEMA continued to operate the program as authorized. NAR, along with other organizations, including the Property Casualty Insurers Association of America and the Independent Insurance Agents & Brokers of America, urged policy makers to reevaluate the decision. Congress expressed concern as well.

Link to FEMA's reversal announcement available here

More from the National Association of REALTORS® available here.

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