Post by Logan on May 3, 2016 0:07:30 GMT -6
A bill aimed at encouraging more private companies to offer flood insurance passed the U.S. House of Representatives by a unanimous 419-0 vote last week, and now the wait begins to find out whether the Senate starts moving on a similar bill.
Called the Flood Insurance Market Parity and Modernization Act, the bill is that rarest of animals in the House — widely supported by Republicans and Democrats and by a broad coalition of environmental organizations, insurance lobbying groups, taxpayer groups and real estate interests.
The House version was introduced in June 2015 by Rep. Dennis Ross, R-Lakeland, and co-sponsor Patrick Murphy, D-Jupiter.
If enacted, it would clear the way for lenders to accept private flood insurance policies that provide coverage at least as good as those sold by the National Flood Insurance Program, which sells the vast majority of flood insurance in the U.S. All homes in high-risk flood zones with mortgage loans backed by the federal government, such as Freddie Mac or Fannie Mae, must carry flood insurance.
Read more: www.sun-sentinel.com/business/consumer/fl-national-flood-insurance-reform-bill-campaign-shifts-to-senate-20160502-story.html
Called the Flood Insurance Market Parity and Modernization Act, the bill is that rarest of animals in the House — widely supported by Republicans and Democrats and by a broad coalition of environmental organizations, insurance lobbying groups, taxpayer groups and real estate interests.
The House version was introduced in June 2015 by Rep. Dennis Ross, R-Lakeland, and co-sponsor Patrick Murphy, D-Jupiter.
If enacted, it would clear the way for lenders to accept private flood insurance policies that provide coverage at least as good as those sold by the National Flood Insurance Program, which sells the vast majority of flood insurance in the U.S. All homes in high-risk flood zones with mortgage loans backed by the federal government, such as Freddie Mac or Fannie Mae, must carry flood insurance.
Read more: www.sun-sentinel.com/business/consumer/fl-national-flood-insurance-reform-bill-campaign-shifts-to-senate-20160502-story.html