The expansion of private flood insurance is expected to benefit homeowners and businesses in flood-prone areas by offering more tailored and competitive coverage options. However, the report also notes potential challenges, such as affordability and accessibility for lower-income households. As private insurers increasingly rely on advanced risk modeling, there is a risk that some properties may become uninsurable or face prohibitively high premiums. Additionally, the shift towards private insurance could impact the sustainability of government-backed programs, which have traditionally served as a safety net for high-risk properties.