Flood Underwriting Association Proposed For New York

New York Assemblyman Phil Goldfeder (D – Far Rockaway) announced plans to introduce new state legislation creating the New York Flood Insurance Association (NYFIA), a joint underwriting association designed to serve New York State homeowners in flood-prone communities. According to Goldfeder, the new body would provide homeowners with an alternative to rising federally backed flood insurance premiums by offering economical, fair and non-discriminatory policies; and protect families from the unfair flood damage claims practices experienced following Superstorm Sandy.