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Mon February 17, 2014
Bill Tackles Flood Insurance Problem
A bill that would create a private flood insurance option has been introduced in the West Virginia Senate.
The sponsor is Sen. Rocky Fitzsimmons, who says federal law changes in 2012 under the Bigger-Waters Flood insurance Reform Act have caused significant increases in premiums for West Virginia.
He explained that prospective home buyers who try to secure a loan through a bank are required to purchase flood insurance, a cost that is greatly affecting the housing market.
The bill would also allow a greater option of flood insurance plans. In addition to purchasing a plan to replace a home, homeowners could opt to only insure the outstanding amount of their loan.
Senate Bill 621 has been referred to the committee on Banking and Insurance.