An Act relative to private flood insurance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to expand access to and improve the regulation of private flood insurance in Massachusetts. It seeks to address concerns about the availability and affordability of flood insurance, particularly for homeowners in high-risk areas. The legislation intends to create a framework that encourages private insurers to offer more comprehensive and competitive flood insurance options. It also seeks to establish guidelines for rates and coverage to ensure fairness and protect consumers.
Key provisions
- Expands the availability of private flood insurance options.
- Establishes guidelines for rates charged by private insurers.
- Requires insurers to offer certain levels of coverage.
- Addresses concerns about the affordability of flood insurance.
- Focuses on improving consumer protections within the private flood insurance market.
- Promotes competition among private flood insurance providers.
Who is affected
- Homeowners in Massachusetts
- Private flood insurance companies
- Massachusetts residents
- Floodplain property owners
- Financial Services sector
Notable changes
- The bill seeks to shift more flood insurance responsibility from the National Flood Insurance Program (NFIP) to private insurers.
- It establishes regulatory standards for private flood insurance providers.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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