The National Association of Mutual Insurance Companies (NAMIC) has thrown its support behind a congressional letter challenging a recent directive from the Federal Housing Finance Agency (FHFA). The rule, introduced in early 2024, requires homeowners to carry full-replacement-cost (RCV) coverage on properties financed by Fannie Mae or Freddie Mac, eliminating the option for actual cash value (ACV) policies.
“Mandating only one type of coverage can limit choice and drive up costs, particularly for homeowners in high-risk areas,” said a NAMIC spokesperson.
Representative Mike Flood and other members of the House Financial Services Committee authored the letter urging FHFA to reconsider. Their concern? That the new requirement could make homeownership more expensive and reduce insurance flexibility — a worry shared by many in regions prone to storms or with older homes.
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NAMIC backs a congressional letter questioning FHFA's mandate on full-replacement-cost homeowners insurance, citing affordability and choice concerns.
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