Private Flood Insurance Another Step Closer

Kerr praises Arkansas House delegation for supporting Flood Insurance Modernization

LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement regarding the passage by the U.S. House of Representatives of H.R. 2901, the Flood Insurance Market Parity and Modernization Act—legislation that paves the way for private insurers to enter the flood insurance market and help reduce the extremely high flood insurance premiums Arkansas homeowners face:

“Today, the only flood insurance available to homeowners in Arkansas is through the National Flood Insurance Program which is subsidized by the federal government and is running a deficit of at least $24 billion.  I offer my thanks to Arkansas’s House delegation who supported the bill.  Passage of the Flood Insurance Modernization Act into law will help grow the private insurance market in our state, which will benefit Arkansas homeowners through simple competition that leads to lower premiums.”

The legislation, co-sponsored by Rep. French Hill, passed the House, 419-0.  Senator John Boozman is a co-sponsor of the Senate version of the bill.