The PIA Western Alliance State of Alaska Wants State Flood Insurance

A bill has been introduced in the Alaska Legislature to establish the Alaska Flood Authority. Senate Bill 11 is now in the Alaska Senate and — if passed — would be an alternative to the National Flood Insurance Program (NFIP).

The bill would place all insurers licensed to write flood insurance in the state into the program. And since it’s a self-insured body, the Alaska Flood Authority would oversee the program and manage all claims.

It will also be under the oversight authority of the Alaska’s director of insurance.

Residential properties could insure for up to $1 million in coverage and commercial properties can go as high as $2 million. Funding will be from premiums only. No state money will be involved.

Republican State Sen. Bert Stedman is the bill’s sponsor. He says this program will be structured more for Alaska’s flood risks and needs than the general policy conditions of the NFIP.

Source link: Insurance Business America — https://bit.ly/4h4r4tf