Washington, D.C. – (RealEstateRama) — Congressman Steven Palazzo (MS-4) released the following statement after supporting House passage of H.R. 2901, the Flood Insurance Market Parity and Modernization Act:
“Flood insurance should be available and affordable. This bill takes a step in the right direction by removing artificial barriers for the private flood insurance market, giving consumers more options. It gives more power back to the states and will help lead to a robust and stable private flood insurance market.”
H.R. 2901 clarifies that state insurance regulators can have the responsibility to determine the acceptability of insurance companies and flood policies in their state, the same power they have with regard to homeowners and other insurance products. 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 is if they get a better product or price, or both.