An Act relative to modernizing private flood insurance

HD 237 establishes the "Massachusetts Private Flood Insurance Act," creating a framework for private flood insurance policies that operate alongside the federal National Flood Insurance Program (NFIP). It directly affects Massachusetts private insurers and property owners by allowing insurers to offer two policy types: "standard" (matching NFIP coverage terms) and "nonstandard" (supplemental or broader coverage), with all policies clearly stating they are not NFIP policies. Key provisions require insurers to file rates and policy forms with the state Commissioner for tracking, prominently display deductibles/limits, and include NFIP availability information. The law aims to increase consumer choice while ensuring transparency and regulatory oversight for private flood insurance products.