Rep. Cantwell co-sponsors state legislation

Rep. Cantwell co-sponsors state legislation

From Representative Jim Cantwell:

“On October 16, I was pleased to join Speaker Robert Deleo as he announced the filing of legislation that will limit the amount of flood insurance that a homeowner or business must purchase.  Recently many residents in our Commonwealth were being told they are being mandated to purchase flood insurance coverage not just for their mortgage — as previously accepted — but now must insure the replacement cost of their home, contents, and property.   It is my view and that of our working group that this is excessive.  The legislation, which has been initially co-sponsored by Attorney General Martha Coakley and myself, will prohibit lenders from mandating flood insurance coverage that exceeds the outstanding mortgage on a property.  This legislation also allows homeowners to lessen their flood insurance coverage by removing any mandate for lenders requiring flood insurance coverage for contents of the home/business.  Passage of this state legislation will help homeowners who are mandated to carry flood insurance by providing them more affordable options for what coverage they wish to purchase.  Though this legislation is a significant part of an on-going effort to combat excessive increases in flood insurance we all recognize that the major reforms of the National Flood Insurance Program must come at the federal level.”