WASHINGTON–A group of Coastal congressmen plan to introduce legislation next week that would expand the National Flood Insurance Program to provide “all-perils” coverage for homeowners and small businesses.
The draft legislation would raise the limits of coverage currently paid under the NFIP for flooding, and the draft measure mandates that “actuarially sound” rates be charged.
Such a provision would probably be acceptable to the insurance industry, but, given the fact the NFIP is currently underfunded by more than $23 billion, it is likely to be received with skepticism in Congress, especially in the Senate, according to insurance industry representatives.
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