The Federal Emergency Management Agency (FEMA) announced it can issue and renew flood-insurance policies. Facing pressure from the National Association of Realtors, FEMA reversed its earlier controversial ruling from last week that banned sales of flood polices during the partial shutdown of the federal government.
The National Association of Realtors called it “a critical win for home sales.”
Said NAR President John Smaby, “This new decision means thousands of home-sale transactions in communities across the country can go forward without interruption, as Congress intended when it renewed the flood insurance program earlier this week. Our research has shown that 40,000 home sales are lost every month that flood insurance is not available.”