As a REALTOR® you understand ho
w markets can be adversely affected by uncertainty. That is why NAR is asking you to call on your Member of Congress to extend the Terrorism Risk Insurance Program. Following the September 11, 2001 terrorist attacks, private insurers withdrew from the terrorism insurance market, construction projects ground to a halt and commercial property values dropped. Real Estate markets simply can’t afford the uncertainty an expiration of the Terrorism Risk Insurance Program would create in the commercial and residential sectors.
Fortunately there is bipartisan legislation, which passed the Senate by an overwhelming margin of 93-4. The “Terrorism Risk Insurance Program Reauthorization Act of 2014,” (S.2244) renews TRIA for seven years, providing certainty in the market that terrorism insurance will be available at affordable rates through the year 2021. Now it is up to the House of Representatives to act on the bill the Senate has approved.
Take action now and urge the leadership of the House of Representatives to bring up S. 2244 during the lame-duck session of Congress. Without affordable and available terrorism insurance, commercial real estate financing would be thrown into flux, premium rates would increase dramatically and many commercial properties throughout the country would lose significant value. Take action now to protect our real estate recovery.
