Insurance Leaders Urge Congress to Invest in Flood-Proofing to Save Homeowners Billions
The National Association of Mutual Insurance Companies (NAMIC) has presented a compelling case to the House Financial Services Subcommittee on Housing and Insurance, advocating for federal investment in flood mitigation projects. NAMIC's testimony emphasized the importance of proactive measures such as elevating homes, improving drainage systems, and reinforcing infrastructure to prevent flood damage. The association highlighted the '1-to-13' rule, which suggests that for every dollar invested in loss prevention, taxpayers and homeowners can save up to thirteen dollars in future losses. This approach aims to shift the focus from post-disaster recovery to preemptive action, potentially reducing the financial burden on insurance companies and homeowners alike. 
