CONGRESS REAUTHORIZES THE NATIONAL FLOOD INSURANCE PROGRAM
MYRTLE BEACH, S.C., July 31, 2018–Coastal Carolinas Association of REALTORS® (CCAR) is pleased to relay that Congress has reauthorized the National Flood Insurance Program (NFIP) which will continue renewing or issuing flood insurance for four more months under legislation overwhelmingly passed by the U.S. Senate today.
Flood insurance is required for a mortgage in more than 20,000 communities nationwide. While there is a growing private market for flood insurance, millions of home owners depend on the federal program to protect their property against flooding, the most costly and common natural disaster in the United States. Without the NFIP, more property owners could become uninsured and turn to the Federal government for taxpayer-funded disaster relief and rebuilding assistance after major floods.
Laura Crowther CCAR CEO, states “We are grateful that Congressional leaders have passed an extension to the National Flood Insurance Program providing stability and peace of mind to our coastal community. If Congress allowed the program to lapse, thousands of home sales would have been immediately disrupted leaving homeowners vulnerable at the height of the Atlantic hurricane season. We appreciate the support of our local Congressional delegation and look forward to working closely with them over the next four months to find meaningful long term reforms to the flood insurance program.”
CCAR was founded in 1945, serving Horry, Georgetown and surrounding counties as the primary real estate resource for nearly 4,000 active members and fast-growing community. Our programs and services were established to be an advocate for community service, the public right to use and transfer real property, and overall membership cooperation. As the primary REALTOR membership association in the area, we also strongly believe in giving back to the community.