Washington, DC – May 2, – (RealEstateRama) — Dr. Charles Boustany (R-Lafayette) supported passage of H.R. 2901, the Flood Insurance Market Parity and Modernization Act, introduced by Representative Dennis Ross (R-FL). The bill was passed unanimously in the House of Representatives.
Under the Biggert-Waters Flood Insurance Reform Act of 2012, homeowners must be provided the option of private flood insurance. However, bureaucratic restrictions have stifled choice for consumers and driven most homeowners to buy federal flood insurance. H.R. 2901 redefines private flood insurance under the Biggert-Waters Act, removing federal restrictions on coverage and returning the authority of determining acceptable coverage to state regulators.
Boustany said: “Private competition in the insurance marketplace is the best way to reduce costs and improve services for consumers. Louisiana homeowners need access to low-cost flood insurance that will protect them and their families in case of a natural disaster. This legislation will ensure greater competition, driving down costs for Louisiana homeowners and improving access to private insurance for all.”