HR6620 changes the National Flood Insurance Act to include private flood insurance. Affects homeowners seeking continuous coverage. Currently in the House Committee on Financial Services.
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To amend the National Flood Insurance Act of 1968 to allow for the consideration of private flood insurance for the purposes of applying continuous coverage requirements, and for other purposes. is a House bill in committee. The latest recorded action: Referred to the House Committee on Financial Services.
Latest action on H.R. 6620: Referred to the House Committee on Financial Services.
Who this affects: The bill impacts homeowners, insurance companies, and the flood insurance market. It could change how homeowners choose and maintain flood insurance coverage.
Why this matters: Flood insurance is crucial for homeowners in flood-prone areas. By allowing private insurance to count towards continuous coverage, HR6620 could make it easier for homeowners to find affordable and suitable insurance. This change could also stimulate competition in the insurance market, potentially leading to better services and prices.
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