Home Local News IOWA LAWMAKERS CONSIDER PRIVATE FLOOD INSURANCE FOR RESIDENTS

IOWA LAWMAKERS CONSIDER PRIVATE FLOOD INSURANCE FOR RESIDENTS

165
0
SHARE

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.

INS1 OC….MARKET :11

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

INS3 OC….PROGRAM :14

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.

INS2 OC….FOR THEM :07

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.

Radio Iowa