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The Flood Insurance Market Parity and Modernization Act would expand options for consumers, advocates say. (Photo: iStock)

A bill that supporters say would open up the Flood insurance market to more private insurers was approved by a U.S. House committee today.

The House Financial Services Committee gave its consent to the Flood Insurance Market Parity and Modernization Act, H.R. 2901, which requires private Flood insurance to be treated the same as federal Flood insurance for homeowners with federally backed mortgages who are required to buy coverage.

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