“A much-anticipated House subcommittee proposal on flood insurance promises to reauthorize the National Flood Insurance Program for five years beyond its September 30 expiration date,” begins the article from The Insurance Journal.
The proposal looks like a step in the right direction and addresses most of the concerns that FIRM, the Florida Association of Counties, and other organizations representing coastal states deem as crucial for the reauthorization. The final reauthorization must include language that would prevent private insurers from “cherry-picking” the preferred risk properties, leaving the higher risk properties only to the NFIP.
Read the full article: Here’s What the House Has in Mind for Revamping Flood Insurance Program