Who participates in a WYO program?

The Write Your Own (WYO) program is a unique initiative created by the Federal Emergency Management Agency (FEMA) that allows private insurance companies to write and service their own flood insurance policies, using the federally backed National Flood Insurance Program (NFIP). This enables private insurers to enter the flood insurance market, granting them the ability to customize policies, pricing, and customer service while remaining compliant with federal guidelines.

Private insurers participating in the WYO program assume the financial risk and receive a fee for managing these policies, which helps broaden the availability of flood insurance to property owners throughout the United States. This collaboration between the federal government and private sector firms is designed to increase insurance access and create a more competitive market environment.

The other options, while related to different types of governmental responsibilities or property ownership, do not directly participate in the WYO program in the same manner that private insurers do. Federal government agencies oversee and fund the program, commercial property owners may purchase policies from these insurers, and state governments might have a regulatory role in insurance but do not write policies themselves within the WYO framework.