Mortgage Bankers Association (MBA) recently published a letter addressed to the Senate Banking Committee discussing the importance of addressing issues related to the availability of flood insurance. From the letter, it is evident that MBA is committed to ensuring that flood insurance is widely available and that the risks of flooding to homeowners and businesses are appropriately managed.
MBA’s letter addressed the concerns of having adequate resources allocated for flood insurance programs, a better understanding of the financial impact of floods, and legislation that could enhance risk-based and affordable flood insurance in high risk areas. The letter also emphasizes the need to pass a comprehensive flood insurance reform as it will help produce responsible growth, support quality jobs, and provide much-needed assistance to communities that are most vulnerable to flooding.
The most important points from MBA’s letter include:
• Adequate resources allocated for flood insurance programs
• Better understanding of the financial impact of floods
• Legislation that could enhance risk-based and affordable flood insurance in high risk areas
• Passing a comprehensive flood insurance reform to produce responsible growth, support quality jobs, and provide assistance to communities vulnerable to flooding
You can read this full article at: https://www.housingwire.com/articles/mba-stresses-the-long-term-need-for-flood-insurance-availability-as-nfip-expiration-looms/(subscription required)
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