Private Flood Insurance Update
On March 2, 2016, the House Financial Services Committee voted 53-0 for the Flood Insurance Market Modernization Act (H.R. 2901). 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 committee to secure important improvements regarding insurer financial solvency as well as retaining important consumer disclosures. Committee passage is an important first hurdle in the legislation process. Next, the House of Representatives must vote on the bill, then the Senate. NAR will continue to work to couple a stronger NFIP with a robust private market in order to offer flood insurance choices to consumers.