Senate Rejects Private Flood Insurance Reform

 Monday, October 2, 2017

 HousingWire

Despite a push in the House of Representatives to reform the private flood insurance market, the provision failed to make it through Senate for approval that same day. The bipartisan Flood Insurance Market Parity and Modernization Act, sponsored by Reps. Dennis Ross, R-Fla., and Kathy Castor, D-Fla., “repeals government roadblocks to lower flood insurance rates by clarifying how non-government flood insurance policies can satisfy the federal flood insurance mandate for properties that are located in high-risk areas.” Representatives tacked the bill onto a six-month extension of the Federal Aviation Administration, which was set to expire mere days after it passed through in the Senate.
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