Congress recently voted to reauthorize the National Flood Insurance Program (NFIP). Had they let it expire, real estate transactions requiring flood insurance across the country would have come to a halt because NFIP’s heavily subsidized policies have made it difficult for private flood insurers to compete. But in Florida, our flood insurance regulations could soon be a model to the nation.
As Lisa Miller notes in her Miami Herald Column, Florida is unique in that our current regulations are leading to growth in private sector flood insurance. As national flood insurance reform is discussed, let’s hope they follow Florida’s example.