B+A Greater Boston

T HE MASSACHUSETTS ASSOCIATION of Realtors (MAR) applauds the work done by Gov. Deval Patrick, Attorney General Martha Coakley and Speaker Robert DeLeo to address the devastating impacts of the changes to the National Flood Insurance Program at the state level with the passage of H™'£™, an act related to flood insurance. "Due to the older and coastal housing stock in Massachusetts, we have been working tirelessly with the National Association of Realtors on a federal level to seek relief for Bay State homeowners after major changes to the National Flood Insurance Program," says MAR President Peter Ruffini, Regional Vice President for Jack Conway REALTORS in Norwell. " We greatly appreciate that Gov. Patrick, Attorney General Coakley and Speaker DeLeo not only recognized this as a serious issue, but also crafted legislation that will help some of those homeowners impacted to prevent default or foreclosure." This new law provides homeowners with the option of purchasing flood insurance in an amount that would cover only the outstanding amount of a mortgage or equity loan. Previously, these homeowners were required to purchase insurance to cover full replacement value, regardless of the value of the mortgage owed. As a result, insurance premiums could be so high that some homeowners could no longer afford to live in their homes. This new law will be beneficial for some to help prevent default or foreclosure, but it is still recommended that homeowners carr y enough insurance to protect themselves in the event that they lose their home to a flood. " We will continue to work with our national association and other coalition partners to address longer term issues involving FEMA mapping and housing affordability," says Ruffini. About MAR Organized in š¤—œ, M A R is a professional trade organization with mor e t h a n š ¤,› › › memb er s .« The ter m R E A LTOR i s r e g i s ter e d a s the exclusive designation of members of the National Association of REALTORS, who subscribe to a strict code of ethics and enjoy continuing education programs. ■ State Bill Helps Massachusetts Homeowners Massachusetts Association of Realtors Applauds Passage of Flood Insurance Bill MASSACHUSETTS REALTY NEWS œ Ž | Greater Boston Builder+Architect BOSTON.BUILDERARCHITECT.COM

• Cover