Private insurers may expand role in federal flood program

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While Congress works on various reforms to the National Flood Insurance Program (NFIP), the time is ripe for the private insurance market to step up and play a greater role in providing. narrative.

After this, most private insurance companies stopped offering flood insurance.. It might only begin expanding again once NFIP rates have had a few years to.. Depending on your local government's involvement with the NFIP, the best way.

Remember there may be a waiting period for your flood policy to take effect.. If you have NFIP coverage now and choose to pursue private coverage, your premium could increase significantly if you choose to return to the NFIP at a later date.

Sometime in the near future, many South Floridians may no longer be. that their flood insurance is going up, an upward spiral increase predicted to continue every year. And under a policy change.

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A National Flood Insurance Policy, with the same $250000. Congress wants private insurance to play a larger role, because the national program. Federation of America, wants to expand private flood insurance, but not the.

CBS News investigation exposes abuses in federal program for flood victims 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).

Private Flood Insurance and the National Flood Insurance Program Congressional Research Service Summary The National Flood Insurance Program (NFIP) is the main source of primary flood insurance coverage in the United States, collecting approximately $4.75 billion in premiums, fees, and surcharges for over five million flood insurance policies.

Private Insurers Ready to Plunge into Flood Market. "It is inevitable that the private market will assume the dominant position of flood (insurance) in the United States," claims Craig Poulton, CEO of Salt Lake City-based Poulton Associates, which administers one of the largest U.S. private flood insurance programs, the Natural Catastrophe Insurance Program, at CATcoverage.com.

recent decades and will continue to grow in frequency and severity in the future.. the insurability of flood losses and on the role of private actors and public authorities.. limited, additional coverage may be purchased from private insurers.. conducted by the NFIP and private insurers (for more information, see the note in.

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