REALTORS Work to Protect Members/Homeowners in Flood Zones
As Colorado is in the midst of experiencing one of the worst floods since 1976 it is important for Colorado REALTORS® to stay updated on the National Flood Insurance Program and the changes in the federal subsidy of flood insurance. Those changes will result in increases in the premiums charged for flood insurance coverage. That means that a buyer who purchases a property now could be subject to substantial increases in their flood insurance premiums in the future. In response, NAR has provided legal guidance to help brokers and agents reduce their exposure to misrepresentation claims by property purchasers who acquire property located in flood zones.
You can also, check out the Legal Podcast from August 2013 to learn more about how NAR’s Government Affairs division is working to protect members and homeowners under this new law.