H.R. 920 would amend the National Flood Insurance Act of 1968 to provide for the national flood insurance program to make available multiperil coverage for damage resulting from windstorms or floods.
Detailed Summary
Multiple Peril Insurance Act of 2007 - Amends the National Flood Insurance Act of 1968 to require the national flood insurance program to enable the purchase of optional insurance against loss resulting from physical damage to or loss of real or related personal property located in the United States arising from any flood or windstorm (any hurricane, tornado, cyclone, typhoon, or other wind event).
Restricts multiperil coverage to areas (or their subdivisions) where an appropriate public body has adopted adequate land use and control measures, including effective enforcement provisions, which the Administrator of the Federal Emergency Management Agency (FEMA) finds are consistent with certain statutory criteria for land management and use relating to windstorms.
Prohibits provision of multiperil coverage to any structure (or related personal property ) covered, at any time, by flood insurance under the Act.
Prescribes the nature and terms of coverage, and actuarial rates.
Prohibits new multiperil coverage for property declared by a duly constituted governmental authority to be in violation of state or local laws, regulations, or ordinances intended to reduce windstorm damage.
Status of the Legislation
Latest Major Action: 2/8/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
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Points Against
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Visitor Comments
JP
Hello Washington Watch,
You're not watching very close are you. H.R. 920 clear finance services July 26 and as of Sept 27 was approved by the House. Just thought you'd like to update your page. Check Gene Taylor's web page for updates.
webmaster
H.R. 3121 - the related bill, linked above - was the bill that was passed out of committee and through the House, not H.R. 920.
The text of Mr. Taylor's bill, H.R. 920, was added to H.R. 3121, but H.R. 920 has not moved beyond committee.
Members of the public are always free to edit the wiki article for the bill to make all this clear, but an edit saying that H.R. 920 has passed the House would be inaccurate.
A .Lee
My homeowners insurance company (Arrowhead General Ins) will not renew my
policy after being with them for 6yrs and now I am forced in to the State
wind pool. Less coverage and more money. You can't rebuild the local tax base
if nobody can afford to live there because of home owner insurance!!
Now that Texas will be in the same insurance BOAT as Mississippi, maybe we can
get H.R.920 passed.