Along with 9 other organizations, the Coalition to Reduce Spending signed a letter encouraging Congress to support private flood insurance as an alternative to the National Flood Insurance Program. The letter also calls for members to support the Flood Insurance Market Parity and Modernization Act.
U.S. flood exposure continues to rise and, with it, the cost of recovery from flood events. While this has led some in Congress to consider expanding NFIP coverage options, this would only serve to exacerbate the program’s problems when the private market can and should handle additional coverage. Forcing policyholders to insure through the federal government only increases the risk and response time for those living in flood-prone areas, all while keeping taxpayers on the hook. The time has come to allow private competition in the market, for the sake of policyholders and taxpayers.