Home Local News IOWA LAWMAKERS CONSIDER PRIVATE FLOOD INSURANCE FOR RESIDENTS

IOWA LAWMAKERS CONSIDER PRIVATE FLOOD INSURANCE FOR RESIDENTS

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SOME IOWA INSURANCE COMPANIES MIGHT START SELLING PRIVATE FLOOD INSURANCE POLICIES TO COVER HOMES IF A BILL THAT’S WON HOUSE APPROVAL BECOMES LAW.

REPRESENTATIVE GARY MOHR OF BETTENDORF SAYS THESE PRIVATE POLICIES COULD BECOME A VIABLE ALTERNATIVE TO FEDERAL FLOOD INSURANCE.

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REPRESENTATIVE STEVEN HANSEN SAYS BECAUSE OF FEDERAL FLOOD INSURANCE PROGRAM RULES, HIS CONSTITUENTS ALONG PERRY CREEK IN SIOUX CITY FACE SIGNIFICANT HARDSHIPS.

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THE BILL, AS WRITTEN, WOULD ONLY ALLOW PRIVATE FLOOD INSURANCE POLICIES TO COVER A PRIMARY RESIDENCE.

AN ELIGIBLE INSURANCE COMPANY MUST HAVE A STATE CERTIFICATE TO DO BUSINESS IN IOWA AND A COMPANY WOULD BE REQUIRED TO FILE RATES FOR ITS FLOOD INSURANCE POLICIES WITH IOWA’S INSURANCE COMMISSIONER.

REPRESENTATIVE JON JACOBSEN OF COUNCIL BLUFFS SAYS THIS COULD BE AN IMPORTANT BUSINESS OPPORTUNITY.

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A NON-PROFIT GROUP CALLED FIRST STREET FOUNDATION EVALUATES FLOOD RISKS.

IT ESTIMATES NEARLY 300-THOUSAND HOMES AND BUSINESSES ARE AT SUBSTANTIAL RISK OF FLOODING BETWEEN NOW AND 2050.

FEMA IS SCHEDULED TO ANNOUNCE NEW RATES FOR THE NATIONAL FLOOD INSURANCE PROGRAM ON APRIL 1ST.

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