A group of legislators were ready to introduce legislation last week that would provide "all-perils" coverage for homeowners and small businesses under the National Flood Insurance Program.
The legislation would raise the limits of coverage currently paid under the NFIP, and the draft measure mandates that "actuarially sound" rates be charged.
"The Multiple Peril Insurance Act would allow homeowners to buy insurance and know that all of their damage from wind and water will be covered," Rep. Gene Taylor, D-Miss., said in a statement he sent members of Congress seeking co-sponsors. "They would not have to hire lawyers, engineers and adjusters to determine what damage was caused by wind and what was caused by flooding."
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