Private Flood Insurance Bill Passes West Virginia Senate

February 24, 2014

A bill to create a private flood insurance option in West Virginia has passed unanimously in the Senate.

Sen. Rocky Fitzsimmons said his bill provides residents with more flood insurance options and would help lower premiums in the state. He said changes under the Bigger-Waters Flood Insurance Reform Act of 2012 caused increases in premiums and have affected local housing markets.

Fitzsimmons told the Senate on Friday that a private flood insurance market would create more competition and lower rates in the state in addition to developing more efficient risk assessment.

Under the bill, homeowners could purchase flood insurance to replace their home or simply insure the outstanding amount on their loan.

The bill has been sent to the House for action.

 

 

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Latest Comments

  • March 2, 2014 at 3:20 pm
    Steve says:
    Pete, I was thinking the exact same thing. I hope someone comes up with a good reason otherwise the people of W. VA are wasting a lot of money on very ignorant legislators try... read more
  • February 25, 2014 at 1:22 pm
    Leroy says:
    Starky- Capital markets will write the business due to their lower cost of capital than traditional reinsurers. Refer to the MTA cat bond deal this past summer.
  • February 25, 2014 at 12:44 pm
    Pete Tritz says:
    Why is legislation needed to allow private flood insurance? Is there some existing provision of West Virginia law that prohibits insurance companies from selling flood insura... read more
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