Currently, FEMA regulates flood insurance and requires it to be purchased when in a flood zone. This petition is to remove the federal government from requiring the insurance and to allow the homeowner and/or lender to decide how much risk and investment they are willing to take.
It would be appropriate for FEMA to regulate what the policy price would be, as it does today, but to not require the insurance in a flood zone. This would help those who have paid off their house and their property doesn't flood. It could help lessen expenses in cases where the lender doesn't require flood insurance. And it could help ease the burden of the federal government and homeowners in cases where a claim may be necessary.