PIA Comments on Bolstering Private Flood Market
PIA National submitted comments on July 26 to the NAIC’s Catastrophe Insurance (C) Working Group regarding actions that state insurance regulators can take to bolster the private flood market. “There persists a sizeable gap in coverage that nationwide NFIP marketing efforts, media reports of flooding events, and word of mouth cannot seem to penetrate,” noted Lauren G. Pachman, Esq., PIA National Council and Director of Regulatory Affairs.
“Insurance agents, of course, are hardly the only professionals who interact with consumers as those consumers purchase a home or obtain a mortgage,” Pachman said. “That process includes real estate agents, mortgage lenders, and bankers, among others, and all of those professionals would benefit from a thorough education in flood insurance, so that consumers are communicating with people who are well-versed in flood insurance throughout the process of obtaining, financing, and insuring their homes.”