House Panel Approves Bill Overhauling Flood Insurance

The U.S. House Financial Services Committee has unanimously passed a bipartisan bill to overhaul the National Flood Insurance Program (NFIP), spur private flood insurance and reduce costs for lower-income policyholders. It also would require the government to make sure more properties that need coverage are identified on updated flood-zone maps. The bill also extends the NFIP or five years. In a move that could give private flood insurers a boost, the plan would allow property owners to switch between public and private flood insurance without losing subsidies available to them under the federal plan. The bill now goes to the full House and must also pass the Senate. Meanwhile, the bill does not address the flood program's $20.5 billion in debt.

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