Forward Steps in Flood Insurance Program Provide More Stability for Homeowners

March 13, 2014

National Association of Home BuildersThe House has just passed additional flood insurance legislation that will benefit homeowners and home buyers, as well as provide a boost to the home building and remodeling industry. The National Association of Home Builders (NAHB) commended this forward motion on the National Flood Insurance Program as a positive step by the government to help provide more predictable premium increases and keep home values stable.

The Homeowner Flood Insurance Affordability Act (H.R. 3370) will help address some of the costly and unintended consequences of the Biggert-Waters Flood Insurance Reform Act, including huge premium spikes and impacts on the sale, construction and remodeling of homes across the nation.

The Homeowner Flood Insurance Affordability Act will:

•Provide a more affordable rate structure for policyholders.

•Repeal the rate increases from the sale or transfer homes to full actuarial rates.

•Create more accurate flood maps.

•Provide reimbursement for successful consumer map appeals.

•Return the “substantial improvement threshold” that triggers a higher flood insurance rate to the historic 50 percent level of a structure’s fair market value, which would preserve significant remodeling activity.

•Reinstate an exemption in 53 communities nationwide for basements that are built in a flood-proof manner.

This bipartisan effort is an excellent example that even though Congressional approval rating is at a low of 13 percent, good can still be done in government. NAHB commends Reps. Eric Cantor (R-Va.), Michael Grimm (R-N.Y.), Maxine Waters (D-Calif.), Bill Cassidy (R-La.), Frank LoBiondo (R-N.J.), Carolyn McCarthy (D-N.Y.), Cedric Richmond (D-La.), Dennis Ross (R-Fla.) and Steve Scalise (R-La.) for their efforts to pass this bill through the House.

To learn more about H.R. 3370 and how the NAHB expects it to provide a positive influence on the industry and on homeowners, visit

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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