WASHINGTON, DC--(Marketwired - Mar 13, 2014) - The following is a statement by National Association of Realtors® President Steve Brown:
"Realtors® applaud the U.S. Senate for passing the Homeowner Flood Insurance Affordability Act, H.R. 3370, to curb flood insurance rate hikes for homes and commercial properties.
"We appreciate the Senate's swift action on the legislation, which is a responsible and balanced solution to the skyrocketing flood insurance premiums affecting residential and commercial properties that were unintentionally triggered by the Biggert-Waters reforms to the National Flood Insurance Program.
"As the leading advocate for home and property owners, NAR applauds this bill for the relief and protection it will bring to businesses and families nationwide, who are experiencing financial hardship because of the extreme and sudden premium increases. We believe this legislation will bring relief to property owners by ensuring a slow and steady phase in of risk-based increases.
"Realtors® praise the Senate for their bipartisanship on this important issue and thank Sens. Robert Menendez (D-N.J.), Johnny Isakson (R-Ga.) and Mary Landrieu (D-La.) for their leadership and advocacy for the bill. NAR urges President Obama to quickly sign the legislation into law."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.