Tuesday, March 29, 2005

HB 243: Flood Insurance Premium Assistance

H.B. 243, P.N. 269 (SEMMEL). This would create the Flood Insurance Premium Assistance Program.
A state resident who or state business that purchased flood insurance prior to the first year of the flood insurance program and lives in a community participating in the National Flood Insurance Program would be eligible to participant in a premium assistance program created by this Act.
A program participant who moves back to or conducts business on property where flood insurance had previously been dropped would be eligible for 15% premium assistance when purchasing flood insurance for that same property after the expiration of one calendar year.
A participant who purchases a new flood insurance policy for a different property would be eligible for a 15% premium discount.
In a year this program is not funded and administered, an eligible participant would be eligible for a 15% premium discount beginning in the year this program is reenacted.
A resident of property determined by the Federal Emergency Management Agency Director as a severe repetitive loss property would have to accept a lawful mitigation offer or would be disqualified from participating in this program.
The Insurance Department would administer and regulate this program

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