CHARLESTON, W.Va. (AP) — A bill that would create a private flood insurance option has been introduced in the West Virginia Senate.
The sponsor is Sen. Rocky Fitzsimmons, who said federal law changes in 2012 under the Bigger-Waters Flood insurance Reform Act have caused significant increases in premiums for West Virginia.
He explained that prospective home buyers who try to secure a loan through a bank are required to purchase flood insurance, a cost that is greatly affecting the housing market.
The bill introduced Monday would also allow a greater option of flood insurance plans. In addition to purchasing a plan to replace a home, homeowners could opt to only insure the outstanding amount of their loan.
Senate Bill 621 has been referred to the committee on Banking and Insurance.