The Florida Insurance Roundup Podcast Feature: National Flood Insurance Reform
Brian Squire, Managing Executive Senior Vice President at Hays Companies, recently sat down with Lisa Miller on her Podcast “The Florida Insurance Roundup” to lend his insights on the National Flood Insurance Program (NFIP) as well as strategies on how to navigate it as a Florida resident.
Listen to the Podcast, here.
Congress continues to debate how to reform the beleaguered National Flood Insurance Program (NFIP) that 1.8 million Floridians depend on for their property flood protection. Congress must also reauthorize the program because without it federally-backed home mortgages which require flood coverage for high-risk zoned properties may be at risk. The taxpayer-subsidized NFIP is $25 billion in debt and relies on old flood data and maps, with rates that do not match risk. Congress is considering reauthorization under a package of reform bills called the 21st Century Flood Reform Act.
Podcast Host Lisa Miller, a former Florida deputy insurance commissioner, explores two key reforms on this program: what to do with grandfathered properties that are still enjoying 1960’s-era premiums and riddled with repetitive losses, and how best to encourage private flood insurance market alternatives. It is estimated that 77% of Florida properties would see lower premiums with private market policies.
Joining Lisa are presenters Brian Squire, Managing Executive Senior Vice President at Hays Companies in Destin, Florida and Helen Devlin, Senior Lobbyist with the National Association of Realtors in Washington D.C. Together, they outline what is at stake for Florida NFIP policyholders and ideas on how best to balance flood insurance affordability with NFIP sustainability, without hurting Florida’s growing real estate market.