The National Association of Realtors hosted the Federal Natural Disaster Policy Symposium to help identify appropriate federal policies for dealing with a potential crisis. Attending were 100 people from a wide variety of associations, nongovernmental organizations, congressional offices and federal agencies. NAR has been actively lobbying Congress on the urgent need to protect homeowners and the economy by ensuring the availability and affordability of disaster insurance, especially in disaster-prone areas.

Cynthia Shelton, NAR Commercial and Business Specialties Group liaison and a Realtor with Northstar Brokerage Services in Orlando, Florida, moderated the meeting. She noted that natural disasters are not only a concern to a few select states. “Natural disasters come in many forms and affect many different areas of the country,” said Shelton. “Beyond hurricanes and floods, earthquakes, tornadoes, wild fires and ice storms can cause significant damage and can result in catastrophic costs.”

State resources are not sufficient to handle mega-catastrophes; we must engage in planning before a disaster; and we are confronting an economic problem, not an insurance problem.

Recent research conducted by NAR in Florida concluded that the lack of affordable or available homeowner’s insurance in that state contributed to the slowdown in Florida real estate, impacting the overall economic activity in the region. In earlier congressional testimony, NAR stated that a strong real estate market is a linchpin of a healthy economy, generating jobs, wages, tax revenues and a demand for goods and services. To maintain a strong economic climate, the vitality of residential and commercial real estate must be safeguarded, NAR said. NAR, an advocate for homeownership, affordable housing and private property rights, is committed to ensuring a strong and secure housing market.

Edwina Baniqued