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INDUSTRY NEWS

GAO Releases Report to Congress on Mandatory Purchase Requirement

The GAO has released a report of their findings and recommendations related to the Mandatory Purchase Requirement of flood insurance for buildings in high hazard flood zones that serve as collateral for federally backed loans.   The study was conducted to offer considerations for FEMA to evaluate how updated flood risk information could be used to determine which properties must have insurance. 

Several NFA member companies participated in providing information to the GAO for this report.   The NFA is also plans to collect feedback on these recommendations, so member companies should look for the member email communication for more details, or contact info@nfdaflood.com