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W.Va. Senate passes bill to create privatized flood insurance; sent to House
Reported by: Associated Press
Friday, February 21, 2014 4:46 PM EST
A bill to create a private flood insurance option in West Virginia has passed unanimously in the Senate.
Fitzsimmons told the Senate on Friday that a private flood insurance market would create more competition and lower rates in the state in addition to developing more efficient risk assessment.
Under the bill, homeowners could purchase flood insurance to replace their home or simply insure the outstanding amount on their loan.
The bill has been sent to the House for action.