WASHINGTON, D.C., March 13, 2019— Today, the Independent Insurance Agents & Brokers of America (the Big “I") testified at a hearing before the U.S. House of Representatives Committee on Financial Services entitled “Preparing for The Storm - Reauthorization of The National Flood Insurance Program." Chris Heidrick, CPCU, ANFI, CFP®, principal of Heidrick & Company Insurance and Risk Management Services in Sanibel, Florida and Big “I" Flood Insurance Task Force chairman, testified on behalf of the association.
“While it is most important that the NFIP does not lapse, the Big 'I' also encourages Congress to work together to pass a true long-term reauthorization of the program as soon as possible," Hedrick said in his testimony. “Flooding is the most common and costly natural disaster and yet most property owners do not have flood insurance. As such, the Big 'I' encourages Congress to consider policies that would help more Americans obtain flood insurance coverage."
The Big “I" was the only insurance group to testify at the hearing and stressed the critical need for a long-term reauthorization as well as modernizing the NFIP and increasing flood insurance take-up rates.
The association also commented on private market involvement in the NFIP. “FEMA has publicly acknowledged on multiple occasions that we need both the NFIP and an expanded private market if we want to increase flood insurance coverage for the country because an insured survivor recovers more quickly and fully," Hedrick said. “Specifically, the Big 'I' urges Congress to consider modest policy changes that would help protect consumers and give them more choices, such as clarifying that private flood insurance can satisfy NFIP continuous coverage requirements."
Heidrick's full statement and more information about the hearing is available on the committee's website.
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.