Bill targets reduced flood insurance costs

U.S. Reps. Blaine Luetkemeyer (R-MO) and Kathy Castor (D-FL) have reintroduced the Continuous Coverage for Flood Insurance Act (H.R. 900) – noting the measure would address flood insurance costs.

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“The benefit of consumer choice in the flood insurance market is the opportunity for Americans to find affordable plans that best fit their needs,” Luetkemeyer said. “A growing private market also removes financial risk from the U.S. taxpayers. Public policy should encourage private sector participation or at the very least not penalize it.”

According to Luetkemeyer, the legislation ensures anyone who purchased a private plan is not penalized by the National Flood Insurance Program (NFIP), with bill proponents adding the approach lowers consumer costs by enabling the Federal Emergency Management Agency (FEMA) to allow consumers to exercise their right to maintain flood insurance outside of the NFIP.

“Families, homeowners, and small business owners across Florida deserve financial stability, peace of mind, and less confusion when it comes to flood insurance,” Castor said. “Our bipartisan legislation provides consumers an alternative to the National Flood Insurance Program without penalty. Competition can bring lower prices and broaden the insurance pool to help reduce flood insurance rates. Hurricanes and floods bring massive losses, and we must ensure every tool remains at the disposal of our neighbors to protect their livelihoods.”

National Association of Realtors (NAR) President Kenny Parcell said the organization’s members have long advocated removing barriers to private flood insurance to protect more property owners.

“This bill would help clarify that federal continuous coverage requirements can be met with an NFIP or private policy, enabling consumers to choose the most flood coverage for the least cost,” Parcell said. “We look forward to working with Congress to advance this bill as part of a broader NFIP reauthorization and reform measure.”