Dennis Ross

Dennis Ross for Congress

Private flood cover bill inches closer to approval

May
3
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Private flood cover bill inches closer to approval

inewstoday.net reports: 

A new bill, H.R. 2109 or Flood Insurance Market Parity and Modernization Act, which passed today in the House of Representatives by a vote of 419 to zero, seeks to alleviate the problem. The measure aims to encourage regulation of flood insurance be left to states.

"This bill is a win-win for Florida families, giving them more options for flood insurance coverage and bringing down the cost of policies", Murphy said.
"Since the 1970s, the federal government has mandated millions of Americans nationwide purchase flood insurance". At that point, homeowners would face an increase in their rate.

H.R. 2901 clarifies that state insurance regulators can have the responsibility to determine the acceptability of insurance companies and flood policies in their state, the same power they have with regard to homeowners and other insurance products. Additionally, it ensures that any period in which a property is covered either by an NFIP policy or a private policy is to be considered "continuous coverage". Enactment of this bill will give consumers more choices when it comes to flood insurance.

Mortgages backed by the federal government require flood insurance for homes in designated flood zones.

"NAR is grateful to Congressmen Dennis Ross (R-Fla.) and Patrick Murphy (D-Fla.) for their leadership on this important issue", said Salomone. "We thank the entire House for passing this critical, bipartisan legislation, and we urge the Senate to build on this momentum by also passing this bill".

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