Flood Insurance Reform: Increased Fairness, Protection, and Transparency
This act introduces changes to the National Flood Insurance Program to make it fairer and more accurate. Citizens can expect improved claims handling, faster decisions, and greater transparency in the insurance process, as well as protection against fraud. The changes aim to make policies easier to understand and streamline the appeals process.
Key points
Establishes a pilot program to investigate pre-existing structural conditions in properties, potentially preventing future claim denials.
Increases penalties for fraud and false statements in the flood insurance program, protecting taxpayers and honest policyholders.
Enhances policyholder appeal rights, providing clearer processes and faster decisions for disputed claims.
Sets deadlines for claim approvals, ensuring quicker payment of approved claims to affected individuals.
Requires improved disclosure in standard flood insurance policies, making coverage details and exclusions easier for citizens to understand.
Ensures sufficient staffing for the Office of Flood Insurance Advocate to better assist citizens with their flood insurance issues.
Introduced
Citizen Poll