Allstate and Nationwide are bucking a large insurance industry segment by throwing their support behind some form of expansion of the National Flood Insurance Program to include windstorm coverage.
And Sen. Trent Lott, R-Miss., a member of the Senate Republican leadership, is also voicing measured support for the concept involved in the legislation–H.R. 920, the Multiple Peril Insurance Act.
The bill, sponsored by Rep. Gene Taylor, D-Miss. has come under fire from the American Insurance Association, which produced a report estimating the legislation could cause a $200 billion deficit for the flood program.
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