X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
It is also our goal to educate other states’ legislators about the concepts in this language that have been tried and tested in Florida, working with all trade groups and industry stakeholders who came around the table to make it successful. It is also our goal to educate other states’ legislators about the concepts in this language that have been tried and tested in Florida, working with all trade groups and industry stakeholders who came around the table to make it successful. (Photo: iStock)

With Congress once again kicking the can down the road on needed reforms to the National Flood Insurance Program (NFIP) until its next expiration on November 30, the time is ripe for the private insurance market to step up and play a greater role in providing Americans needed flood coverage.

Last month, the National Conference of Insurance Legislators (NCOIL), a group of state lawmakers from around the nation, began taking a closer look at Florida’s model flood insurance regulation to see if it can be used successfully to encourage a vibrant private market in all 50 states.

Those of us from Florida know the success it’s had here: the number of private companies offering flood insurance has more than doubled in the past two years (from 10 companies in 2016 to 25 companies as of the end of July). They’re also offering better pricing. Consumers are saving significant money through these private market alternatives.

The concept behind the Florida legislation is that old adage, “if you build it, they will come.”

Related: Examining the insurance problem in Florida

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.