The Big “I” submitted a statement on the need for a long-term reauthorization of the National Flood Insurance Program, and also submitted comments on proposed interagency Q&As on private flood insurance.
The act would require FEMA to release an impact analysis at least six months before National Flood Insurance Program changes, and prohibit certain changes during and up to six months after the COVID-19 emergency declaration.
The legislation would reauthorize the National Flood Insurance Program (NFIP) for five years and clarify that private flood insurance can satisfy the NFIP’s continuous coverage requirements, a top priority for the Big “I.”
Sen. Rick Scott (R-Florida) discussed how federal overreach by the Biden administration will negatively impact small businesses and the economy’s recovery from the coronavirus pandemic.
Changes are taking place in the flood insurance market and agents have an enormous opportunity to help their clients understand why they need coverage.
“Flood insurance is very important for overall risk management,” says independent agent Ryan Andrew. “My agency works to educate clients on the importance of flood insurance even if they don’t live on the coast or near a large body of water.”
While the National Flood Insurance Program remains the main source of standalone flood insurance in the U.S., the number of primary and excess private flood insurance options continues to grow.
Today, FEMA issued notification of Risk Rating 2.0 program changes to the National Flood Insurance Program effective on October 1, 2021, the overall timeline for implementation of Risk Rating 2.0 and FEMA’s expectations of NFIP insurers.
Big “I” members will have the opportunity to discuss issues such as small business tax fairness, future pandemic response, and more in virtual meetings with members of Congress.
The Department of Housing and Urban Development proposal to accept private flood insurance for Federal Housing Administration insured loans continues to raise concerns, particularly around the wording of the rule.
