WASHINGTON, DC – (RealEstateRama) — Today, the House Financial Services Committee passed the Flood Insurance Market Parity and Modernization Act introduced by U.S. Representatives Dennis Ross (FL-15) and Patrick E. Murphy (FL-18), both members of the committee. This bipartisan bill would encourage the development of a robust private flood insurance market that will provide homeowners more coverage options and lower costs. Having been ordered out of the committee with broad bipartisan support, the bill now is in line for consideration by the full House of Representatives.
“Floridians and all Americans across the country would greatly benefit from more choices when it comes to flood insurance policies, and private competition in this market will lead to greater innovation and more affordable and comprehensive policies for consumers in flood prone areas,” said Congressman Ross. “The Flood Insurance Market Parity and Modernization Act will remove unnecessary federal regulatory barriers that are hindering consumer’s flood insurance options. I am proud this legislation is moving forward with strong, bipartisan support.”
“This bill is a win-win for Florida families, giving them more options for flood insurance coverage, using new competition to drive down the price of plans,” said Congressman Murphy. “I thank my colleagues on the Financial Services Committee for moving this common-sense measure forward, and now call for its swift passage by the full House and Senate to empower Florida homeowners.”
Currently, many Florida homeowners face unaffordable premiums and a lack of coverage options. Reps. Ross and Murphy put forward this common-sense plan to allow private insurers to come into the flood insurance market, creating competition and choice in policies and pricing to benefit homeowners. Giving consumers options will ultimately hold the National Flood Insurance Program (NFIP) accountable for affordability, quality flood maps, and service.
Erin Moffet (202-225-3026)
