By Dave Kovaleski, Financial; Regulation News, Oct. 4, 2017
The House advanced legislation last week that would create private flood insurance markets to provide homeowners with more coverage options than just the government’s National Flood Insurance Program (NFIP).
The House voted 264-155 to advance the Flood Insurance Market Parity and Modernization Act, sponsored by Reps. Dennis Ross (R-FL) and Kathy Castor (D-FL). The legislation clarifies how non-government flood insurance policies can satisfy the federal flood insurance mandate for properties that in high-risk areas. This essentially opens flood insurance up to private insurance providers.