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Legislation that supporters say would open the Flood insurance market to more private insurers pass the U.S. House of Representatives today on a vote of 419-0.

The Flood Insurance Market Parity and Modernization Act, H.R. 2901, which requires private Flood insurance to be treated the same as federal Flood insurance for homeowners with federally backed mortgages who are required to buy coverage, now

Passage of this legislation in the Senate is now the group’s number one priority, it said.

“The Flood Insurance Market Parity and Modernization Act will be a great benefit to consumers so that they have more choices when it comes to flood insurance, said Robert Hartwig, president of the New York City-based Insurance Information Institute. “Now insurers can compete with the NFIP on a more-equal footing, increasing consumer options while at the same time protecting taxpayers.”

“Enactment of this bill will give consumers more choices when it comes to Flood insurance. It will also help encourage development of a private Flood insurance market to complement the NFIP,” said Tom Santos, vice president for federal affairs for the Washington, D.C.-based American Insurance Association. “The overwhelming bipartisan vote by the House creates additional momentum as the bill moves to the Senate.”

Please enjoy the full article below!

http://www.propertycasualty360.com/2016/04/28/house-passes-private-flood-insurance-bill?eNL=5722731b150ba08846d6f8f7&utm_source=PC360_NewsFlash&utm_medium=EMC-Email_editorial&utm_campaign=04282016

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