NAR issues legal guidance on flood insurance disclosures

The Biggert-Waters Flood Insurance Reform Act of 2012 reauthorized the National Flood Insurance Program for an additional five years. The act implements changes to the federal subsidy of flood insurance, resulting in increases in the premiums to be charged for flood insurance coverage. NAR has issued guidance to assist brokers and agents in marketing homes in areas where the insurance may be required or be prudent.