If you feel like you pay too much for insurance, you’ll want to pay attention to this. Help could be coming.
A congressman from the Bay area is pushing a new law that he says will help make flood insurance less expensive and better at protecting your home.
He’s telling me it should get its first major approval in the next few weeks.
If you’re like thousands of people across Tampa Bay, you can expect your mortgage company to demand you get flood insurance. And you can expect to have only one option.
The U.S. Government is basically the only “company” in the flood insurance business. For just about everyone, the price they say, is the price you pay.
But Congressman Dennis Ross told me that is about to change.
He’s written a bipartisan bill that’ll make it much easier for you to shop around and get flood insurance from a private company, not just the government.
Why is that a big deal?
Rep. Ross says competition generally drives prices down.
Plus, private companies are more inclined to offer incentives — with policies like, “Improve the drainage at your house, and you get a discount.”
And, if a big flooding disaster hits — right now with just about everyone using the government’s National Flood Insurance Program, taxpayers are on the hook to make sure all of those insurance claims get paid.
With the new change, private companies would start taking on some of that risk, too.
If you feel like you pay too much for insurance, you’ll want to pay attention to this. Help could be coming.
“It’s a good way to bring consumers a choice of what they want to buy, it’s a good way to limit the exposure to the federal government, and it’s a bipartisan bill that brings the Congress together,” Ross, a Republican from Polk County, told me.
This doesn’t get rid of the government-sponsored program; it opens things up for private companies to give you an alternative.
Congressman Ross told me he’s hoping to keep this private flood insurance expansion moving in Washington so you can a have a lot of new options to choose from by the end of this year.
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