REALTORS Support Natural Disaster Legislation
The National Assn. of REALTORS® supports the Homeowners’ Defense Act of 2007, H.R. 3355, passed recently by the U.S. House of Representatives. The bill would protect consumers nationwide by encouraging people to prepare for and protect against losses from future catastrophic events.
“H.R. 3355 is an important first step toward ensuring the availability and affordability of property insurance for homeowners and commercial property owners in disaster-prone states,” said NAR President Pat V. Combs, of Grand Rapids, MI, and vice president of Coldwell Banker-AJS-Schmidt. “Available insurance is vital to any real estate transaction, since having insurance is often a prerequisite to obtaining a mortgage. The inability to obtain affordable insurance would be a serious threat to the real estate market, and a strong real estate market is central to a healthy economy,” Combs said.
The Homeowners’ Defense Act of 2007, sponsored by U.S. Reps. Ron Klein, D-Fla., and Tim Mahoney, D-Fla., would help protect insurance markets in disaster-prone states from suffering devastating losses in the event of a catastrophic natural disaster. Moreover, the bill would allow participating states to assess and customize their programs based on the defined risk to their citizens. “We appreciate the efforts that went in to finalizing this important legislation that will protect owners’ most valued investments,” Combs said.