Feds to set private flood insurance requirements

Feds to set private flood insurance requirements

Established in 1968, the NFIP offers federal flood insurance to families in flood-prone areas. The NFIP also determines areas in which residents areĀ …
This bill will increase the number of companies that can write flood insurance, providing more competitive rates and allowing high value homes to obtain higher limits of coverage.
Banks will now have to accept private flood policies. Companies that provide this coverage will have to comply with individual state insurance department rules.