Boosting Competition: Insurers Can Now Sell Private Flood Policies Alongside NFIP.
This law removes the non-compete requirement for insurance companies participating in the federal National Flood Insurance Program (NFIP). These companies are now free to offer and sell their own private flood insurance policies, competing directly with the government program. This change aims to give citizens more choices and potentially lower costs for flood coverage due to increased market competition.
Key points
Insurance companies participating in the federal NFIP are now allowed to sell their own private flood insurance products.
The removal of the non-compete clause is intended to increase consumer choice and potentially reduce flood insurance costs for homeowners.
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