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Thursday, June 30, 2016

Private Flood Insurance Discussed at Senate Banking Committee Hearing

The Senate Small Business Committee on Small Business & Entrepreneurship – a subcommittee of the Senate Banking Committee – held a hearing today on flood insurance, “No More Hikes: Small Business Survival Amidst Unaffordable Flood Insurance Rate Increases.”

The topic of private flood insurance – important for many ABIA members – was addressed in the second witness panel, which generally seemed to agree that offering private alternative coverage can assist the NFIP’s financial issues and in return improve the quality of the insurance-provided to both consumer and small businesses. David McKey, a witness who was a broker with Coldwell Banker, made it clear that private flood insurance would give people options as opposed to sticking with NFIP rates.

Special thanks to ABA staff for sharing detailed notes from the hearing.