Tester introduces bipartisan bill to increase choices for flood insurance
Senator’s bill improves insurance options offer to home, property owners
(U.S. SENATE) – Senator Jon Tester is introducing a bill that would ensure Montanans have access to more flood insurance options.
Tester’s bill, supported by Senator Dean Heller (R-Nev.), would help accelerate the development of a private flood insurance market overseen by state insurance regulators.
The senators’ bill clarifies that private insurance from licensed providers is available to property owners. Under current law, property owners may be uncertain of the quality and availability of coverage provided by licensed insurers and therefore home loan providers may charge higher rates to customers.
“This straight-forward clarification to our nation’s flood insurance market will encourage private sector participation, increase competition, and give consumers more options when shopping for policies,” said Tester, who sits on the Senate Banking Committee that oversees flood insurance. “I’m pleased to partner with Senator Heller on this bill.”
Tester previously drafted a bipartisan plan to update and extend the National Flood Insurance Plan that would provide greater certainty to property owners who live in flood plains, protect taxpayers, and put the progarm on sound financial footing.