Private insurers may expand role in federal flood program

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The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private flood insurers, getting the federal programme to buy more reinsurance on the.

Homeowners insurance covers your home and personal property when they’re damaged by fire and bad storms, but won’t cover flooding. If you live in a region or state prone to tropical storms and floods, you may want to consider flood insurance.

While this is undoubtedly driven by an increase in the value of property in harm’s way, climate change is also playing a role. Not all losses will be insured. As of August 2016, just 15% of the 1.6 million homes in Harris County, which includes Houston, had flood insurance, and only 28% of the homes in “high-risk” areas for flooding.

And despite wanting to enter the flood insurance market, private insurers don’t want in all at once. They will take four or five years to get their feet wet, said Chris Grimes of FitchRatings.

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Based on discussions with stakeholders and GAO’s past work, reducing federal exposure and improving resilience to flooding will require comprehensive reform of the National Flood Insurance Program (NFIP) that will need to include potential actions in six key areas (see figure below).

established the National Flood Insurance Program (NFIP) in 1968. The presence of additional private insurers may help increase the number of homes and.

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Having to buy flood insurance should not be a surprise. Find out what you need to. Updated May 17, 2019. Table of Contents. Expand. Why Is Flood Insurance Required?.. The actual insurance policies are issued by private insurance companies, not by FEMA. You can find a.. The Importance Of Property Insurance.

dangerous lag between flood insurance risk and flood insurance rates.) Over time, the small risk these insurers bore at first could be gradually raised, increasingly allowing the federal government to play less of an insurance role and more of a mitigation role as well as a.

A final rule issued by five federal lending regulators in early 2019 would increase the role of private flood insurance for homeowners. Set to become effective on July 1, 2019, the rule would allow lenders to accept private flood insurance for homeowners who have mortgages. The policies would have to abide by regulatory definitions.

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