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News & Press: Industry News

Private Flood Insurance Option Set to Expand

Tuesday, February 19, 2019  
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A new federal rule that becomes effective in July will require lenders to accept both private and government flood policies. The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) approved a rule that is intended to increase the availability of flood insurance on residential properties. Private flood insurance has historically been limited by underwriting concerns over catastrophic losses. Because the federal program has coverage limits, the hope is that private insurance can provide an additional option. The reality is that the flood insurance program, which continues to be reauthorized by Congress, often at the last minute, needs to be revised to make it financially viable.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851