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Tuesday, July 3, 2012
OKLAHOMA CITY – Oklahoma Insurance Commissioner John D. Doak and other members of the National Association of Insurance Commissioners (NAIC) are commending Congress for passing legislation to reauthorize the National Flood Insurance Program (NFIP) for another five years. The program was due to expire at the end of July.
“This helps bring financial stability to an important program,” Doak said. “Flooding is one of many weather catastrophes that hit Oklahoma frequently.”
“This development is good news for both consumers and the industry,” said NAIC President-Elect and Louisiana Insurance Commissioner Jim Donelon. “The NFIP is an important component in our nation’s response to natural disasters, and constancy in the program equals stability in the insurance marketplace, which is critical for our states.”
It’s important to know most homeowners policies do not cover damage incurred from a flood. In addition, Oklahomans who do not live in flood-prone areas can still become flood victims.
“Oklahoma’s history of flash floods proves this is something to be taken seriously,” Doak said. “I urge everyone to consider flood insurance as an integral part of the protection plan for your homes and businesses.”
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
For more information contact:
Brian King, Public Information Manager