More Insurance Choices for FHA Borrowers
National Association of Realtors® President Kenny Parcell issued the following statement after the Department of Housing and Urban Development (HUD) published the final rule to the Federal Register enabling Federal Housing Administration (FHA) borrowers to obtain private flood insurance:
"The National Association of Realtors® applauds HUD for issuing the FHA final rule opening the door to private market flood insurance options in addition to the National Flood Insurance Program,” said Parcell. “The new rule is a victory for consumers, for choice, and for flood coverage that will protect more borrowers and property from the number one natural disaster in the United States. NAR has long advocated for an updated rule to address an inequality with conventional borrowers, and this action will increase the flood insurance choices available to FHA borrowers.”