Tuesday, March 8, 2011
Industry news: Proposed Flood Insurance bill gets positive initial reaction
With the National Flood Insurance Program (NFIP) currently scheduled to expire September 30, a proposed bill that would extend it five years is being hailed as a good starting point for long-term reform. It would phase out most rate subsidies, tie coverage limits to the rate of inflation, vary the deductible by how subsidized the premium is, and allow the program to sell optional additional living expense and business interruption coverages. Read an Insurance Journal article summarizing the proposed bill.