The House of Representatives approved legislation that clarifies federal language regarding the use of private flood insurance products.
In a 264 to 155 vote, the House gave its approval to the Disaster Tax Relief and Airport and Airway Extension Act of 2017
—which, despite its title, included a passage on flood insurance. “With respect to flood insurance, the bill specifies that private flood insurance offered outside of the National Flood Insurance Program satisfies the requirement for homeowners to maintain flood insurance coverage on properties that have federally-backed mortgages and are located in a flood zone,” the bill stated.
David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), welcomed the House vote and looked ahead to the next step in the legislative process.
“We now ask the Senate to follow suit and pass this bipartisan private flood insurance language in the Disaster Tax Relief and Airport and Airway Extension Act of 2017,” said Stevens.