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.