Risk Professionals Urge Congress to Renew and Improve Nation’s Flood Insurance Framework
Flood risk is a reality for millions of Americans, but without congressional action by
"From a public interest standpoint, there are two essential tasks facing lawmakers: first, renewing the program before a lapse causes disruptions; and second, improving the flood insurance framework and not just extending it in its current form," said Academy Vice President of Casualty
On
* Encourage growth of the private flood insurance market by making clear that private market insurance will satisfy mortgage lending requirements and by sharing NFIP historical flood loss data with private insurers.
* Protect against the creation of artificial price disparities between the NFIP and privately issued policies.
* Realistically address the NFIP's
* Take steps to reduce future storm damage through expanded risk mitigation.
* Modernize flood mapping to reflect technological improvements and current insurance practices.
* Account for special conditions and observed differences affecting urban multifamily properties and repetitive loss properties.
* Anticipate the physical effects of rising sea level and its likely financial impact on the NFIP, particularly with regard to how the NFIP informs building code and land use decisions.
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