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On April 28, 2016, the U.S. House of Representatives unanimously voted 419-0 for the Flood Insurance Market Modernization Act, H.R. 2901, sending the bill to the Senate.
Sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL), the bill encourages the development of private market options where property owners lack access to affordable coverage under the National Flood Insurance Program (NFIP).
NAR supported the bill and worked with the sponsors to further strengthen its consumer protection provisions related to insurance disclosure and financial solvency.
Next, the Senate must vote on the bill. NAR is urging the Senate to bring up and pass H.R. 2901 in order to couple a stronger NFIP with a robust private market that offer flood insurance choices to consumers.