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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