Friday, March 12, 2010

NAR official testifies about disaster insurance and FHA changes

NAR Immediate Past President Charles McMillan took the REALTOR® voice to Capitol Hill twice this week testifying before House subcommittees about insurance for natural disasters and the FHA Reform Act of 2010.

On March 10, McMillan was in front of two House financial services subcommittees urging them to create affordable insurance for natural disasters. He explained that property insurance is a key part of the home buying process; the cost of insurance also impacts housing affordability and that high insurance costs for multi-family and commercial properties are passed on to tenants in the form of higher rents.

McMillan suggested several solutions including federal policies that: protect property owners by making insurance coverage available and affordable; ensure that those living in high-risk areas understand their personal responsibility to purchase adequate insurance; support proper land-use decisions and building codes that also allow for local control and reinforce the role of government in maintaining infrastructure such as levees, dams and bridges.

On March 11, McMillan was back on Capitol Hill this time before the House Financial Services Subcommittee on Housing and Community Opportunity asking Congress to be careful about FHA reform and urging them to make the current conforming loan limits permanent.

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