Bill > S2054

This bill allows National Flood Insurance Program (NFIP) policyholders more flexibility when choosing flood insurance coverage. Specifically, the bill amends the National Flood Insurance Act to ensure that if a property owner temporarily switches from an NFIP policy to a private flood insurance policy, that period will still count toward their continuous coverage requirements. This means property owners can explore private market insurance options without fear of losing their good standing or potentially facing penalties when they want to return to the NFIP. The bill effectively removes a potential barrier that might discourage property owners from briefly testing private flood insurance alternatives by guaranteeing that such a switch will not disrupt their overall insurance coverage history. By providing this consumer-friendly provision, the bill aims to increase insurance market competition and give property owners, particularly those in flood-prone areas, more choices in protecting their property against flood damage.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2054/all-info