Private insurers may expand role in federal flood program

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The National flood insurance program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations.

The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private flood insurers, getting the federal program to buy more reinsurance on the private market, and making it easier for homeowners that keep getting flooded to move somewhere else.

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.

The best course of action is to phase out government flood insurance and enable private insurance to replace it. The federal government issues virtually all primary flood insurance for homeowners and.

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The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). U.S. Congress has the twofold purposes of the NFIP to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development.