U.S. flood bill makes headway by including private insurance


WASHINGTON — The Flood Insurance Market Parity and Modernization Act of 2014 would clarify that private flood insurance, rather than only the policies issued by the National Flood Insurance Program (NFIP), meets the mandatory purchase requirements of lenders, according to Business Insurance.

Bill sponsors, Senators Jon Tester, D-Montana, and Dean Heller, R-Nevada, indicated that the drafters of the original National Flood Insurance Act of 1968 intended for private insurers to participate in the market, the article stated.

"Unfortunately, due to a lack of clarity in existing law, lenders have not accepted private flood insurance as meeting mandatory purchase requirements," according to a statement from Senator Heller's office.

"This straightforward clarification to our nation's flood insurance market will encourage private-sector participation, increase competition and give consumers more options when shopping for policies," Senator Tester said in a separate statement.

According to the article, the bill comes at a particularly opportune time when the National Flood Insurance Program is about $25 billion in the red.

Encouraging private insurers to enter the flood insurance market is about the only way flood insurance will remain widely available, the article noted.

Click here to read the article in its entirety.

Cleanfax Staff

Cleanfax provides cleaning and restoration professionals with information designed to help them manage and grow their businesses.

Follow Cleanfax Staff

Related Posts

Share This Article

Join Our Newsletter

Expert Videos

Popular Content

Digital Marketing - Part 1

The Digital Marketing Demystified Series—Part 1: World Class Email Marketing

AI Salesperson

Is AI Going to be the Death of the Salesperson?

slow economy

5 Marketing Strategies for Carpet Cleaning Businesses in a Potential ‘Slow Economy (the “R” word)’

link building

The Power of Link Building for Your Cleaning Company’s Success

Cleanfax March/April 2023 digital

Cleanfax March/April 2023 Digital Edition Online Now


With the global transition to electric powered vehicles based on improvements in battery technology, do you see electric-powered truckmounts becoming standard anytime in the future?

View Results

Loading ... Loading ...

Upcoming Events

February 21, 2023

Simply Irresistible: How To Create Marketing Messages To Find New Customers