Wednesday, May 4, 2016

Congressman Palazzo on flood insurance

Click Here to Contact Congressman Palazzo

Last week the House passed H.R. 2901, the Flood Insurance Market Parity and Modernization Act. This bill gives more power back to the states and will help lead to a robust and stable private flood insurance market.

It does not push any policyholders out of the National Flood Insurance Program (NFIP), but allows someone to choose a private sector flood insurance policy if they get a better product or price, or both. Injecting competition and private companies into the market should drive down rates as companies compete.

Congressman Steve Palazzo
Overall this bill takes a step in the right direction by removing artificial barriers for the private flood insurance market, giving consumers more options.

The National Flood Insurance Program is set for reauthorization in 2017, but the conversations regarding the reforms we need are taking place now.

As Chairman of the Home Protection Caucus I look forward to many more discussions with this bipartisan coalition as we work to find solutions that address the NFIP debt, stop premium rate increases, ensure accurate flood mapping, and provide homeowners with more options to protect their home and property.

I remain committed to ensuring flood insurance is accessible and affordable.

Your comments are always welcome and you can contact Congressman Palazzo on facebook, twitter or by visiting his website.


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