Deborah Koff Ross: “For over 50 years, the only game in town for flood insurance has been the Federal Government through the National Flood…”

“For over 50 years, the only game in town for flood insurance has been the Federal Government through the National Flood Insurance Program. That means that for over 50 years, if you want flood insurance, your best bet is to go to the Federal Government, which, by the way, especially after these two successive storms that have just hit Texas and Florida, is going to be over $30 billion in debt. If we don't do something to save the taxpayers of this program that cannot actuarially support itself, we are doing a total disservice to our constituency and to our country. So what is part of the underlying bill that this rule will allow is the Market Parity and Modernization Act that will allow consumers to have a choice between the existing Flood Insurance Program, which is significantly in debt, or to have the private sector bring in their flood insurance programs to insure those risks. In Florida, back in 2004, we had successive hurricanes that came through my district, and we had billions of dollars paid by FEMA, paid by NFIP, but we had $39 billion paid by the private sector because we had private windstorm insurance. The private sector does a much better job of doing business and managing risks than the Federal Government. What I am asking for this body to accept, what the American people are craving for, is competition in the products they seek to have to protect them with their valuable assets.…”