NFIP Call for Action for ReAuthorization before July 31

So David tell us a little bit about the
work that you’ve done as part of the NAR insurance committee. Well I have
been on the insurance committee since its inception four years ago as a matter
of fact I was chair of the insurance committee last year and a couple of
years ago I was chairman of a work group that rewrote the national flood
insurance policy for the National Association of Realtors. So we have as a
committee and as a member of that committee have visited congressman we
visited senators and we’re trying to keep in the forefront the National Flood
Insurance Program and that it is set to expire July 31st and how important it is
to the real estate industry to homeowners to the businesses to keep
that program going. Tell us a little bit about why that reauthorization of the
National Flood Insurance Program is so important to us here and nationally. Well
nationally it impacts 22,000 communities all 50 states but in a Louisiana
in particular we have about 500,000 active policies. We are third only behind
Florida with 1.8 million policies and Texas with about 600,000 policies. If you
are buying a house and it’s in a high-risk flood zone and it has a
federally insured mortgage and that national flood insurance expires July
31st and that closing will not take place. According to the National
Association of Realtors that could have an impact to stop 1,300 closings a day
or which would equate to 40,000 a month. I can assure you in Louisiana that’s
going to have a huge impact in New Orleans, Baton Rouge, Houma, Lafayette,
Thibodeaux, Shreveport wherever. That is going to impact
our real-estate industry may impact the economy in those areas. So you’ve
highlighted why it’s important for us here in Louisiana but why do you think
it’s so important for all REALTORS to respond to this call for action. Well we
are a huge lobbying group. We have 1.3 million members across the country.
In Washington the impact that that call for action can have would be tremendous
if we just get a nice percentage of our REALTORS to answer the call for action.
It’s very simple to do it only takes a couple of minutes but the impact is
tremendous and we cannot let that NFIP expire July 31. What we’re
asking our senators and our congressmen to do is either give us an extension of
the program or we’d love to see a long-term reauthorization. Unless you sit
on the Senate Banking Committee or on the House Financial Services Committee
which oversee that program it’s probably not on your radar in Congress
so we have to bring you to the forefront and make our congressman our Senators
aware of how important the renewal of the National Flood Insurance Program is
to the economy across the country and particularly here in Louisiana. Thank you

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