Earlier this year, Mel Hodges, our Vice President of Compliance, visited Washington, DC to meet with lawmakers and key staff to discuss Torrent’s support for a long term reauthorization of the National Flood Insurance Program (NFIP). In these meetings, Mel used the opportunity to highlight Torrent’s work on behalf of the flood program, and also advocated for the implementation of FEMA’s Risk Rating 2.0 and the need for consumers to understand their true risk rates. FEMA describes Risk Rating 2.0 as a system that combines technology and best practices to generate NFIP flood insurance rates that are fairer, easier to understand, and better reflect a property’s unique flood risk.
The meetings also focused on the critical role of Write Your Own (WYO) insurers as partners to retain and increase the number of flood insurance policies in force, and the role of the private market in expanding flood offerings to consumers. Mel also highlighted Torrent’s strong support for mitigation and resiliency efforts as part of a broad modernization of the NFIP.
Torrent will continue to offer its expertise and knowledge of the flood program, and aims to be a continued trusted resource for policymakers as they continue to consider reforms to the NFIP.