NAR TESTIFIES AT NATURAL DISASTER INSURANCE HEARING

Gary Thomas, CEO of RE/MAX Real Estate Services, and Liaison to NAR's Public and Federal Issues Group, testified for NAR on March 27 at the Subcommittee on Housing and Community Opportunity of the House Committee on Financial Services hearing, "Perspectives on Natural Disaster Insurance." The hearing featured two panels of witnesses.

The first panel consisted of Representatives Gene Taylor (D-MS), Ron Klein (D-FL), Tim Mahoney (D-FL) and Ginny Brown-Waite (R-FL), who testified about the need for Congress to pass legislation to address the availability and affordability of property insurance in disaster-prone areas. Representatives Taylor and Brown-Waite have introduced legislation addressing insurance availability and affordability in the 110th Congress. Representatives Klein and Mahoney are working with a number of other representatives to develop a bill that would address the issue. Gary Thomas testified on the second panel that included two witnesses representing real estate interests (NAR; and National Multi Housing Council and National Apartment Association), three insurance industry trade associations, Florida's Insurance Commissioner, independent insurance agents and brokers, and an advocacy group supporting disaster legislation. The theme of NAR's testimony was that Congress needs to pass comprehensive legislation that addresses insurance availability and affordability, provides incentives for property owners to undertake mitigation activities, and recognizes the role of all levels of government to build and maintain critical infrastructure such as levees and dams. View NAR Testimony at: