NAFCU Backs NFIP Rate Bill
NAFCU has voiced strong support for legislation introduced this week in both the House and Senate that would effectively delay for perhaps four years most flood insurance rate increases mandated by a 2012 law reauthorizing the National Flood Insurance Program.
NAFCU President/CEO Dan Berger said Tuesday the current law imposes an unacceptable financial burden on some credit union members.
That is what is happening in Florida. Spurred by state insurance commissioner Kevin McCarty and others in the Florida government, Tampa-based Homeowners Choice, a publicly traded company with about 140,000 policyholders statewide, wants to add an endorsement to its homeowners policies to include flood coverage, the Tampa Bay Times said.
The Times said state regulators must first approve its application. The newspaper said that Paresh Patel, chairman and chief executive officer of the insurer's parent company, HCI Group, said the new opportunity is aimed at helping HI serve its current policyholders.