WASHINGTON, D.C., July 28, 2021 — The Independent Insurance Agents & Brokers of America (the Big “I") today applauded Reps. Kathy Castor (D-Florida) and Blaine Luetkemeyer (R-Missouri) for introducing H.R. 4699, the “Continuous Coverage for Flood Insurance Act." The legislation would allow for private flood insurance to satisfy National Flood Insurance Program (NFIP) continuous coverage requirements.
“The Big 'I' thanks Reps. Castor and Luetkemeyer for introducing this important legislation that clarifies that having an active flood insurance policy, whether through the NFIP or through the private market, should be considered continuous coverage for purposes of NFIP rating requirements," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The Big 'I' continues to support the development of a private market as a complement to the NFIP, and this legislation is of vital importance to that goal.
The legislation would mean that policyholders can obtain NFIP coverage without losing their grandfathered status if they leave the program, obtain coverage in the private market, and later find that this new coverage no longer meets their needs.
“The Big 'I' especially appreciates that Reps. Castor and Luetkemeyer were once again able to work in a bipartisan manner to reintroduce this important legislation," says Wyatt Stewart, Big “I" assistant vice president of federal government affairs. “The Big 'I' urges Congress to continue working toward enacting a long-term reauthorization of a modernized NFIP that includes this important language on continuous coverage and would increase take-up rates for flood insurance both in the NFIP and in the private market."
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.