The Mortgage Bankers Association recently proposed a “deluxe” flood insurance plan where borrowers could pay extra to receive extended coverage. The proposal came in testimony before the Senate Banking, Housing and Urban Affairs Committee, which is exploring ways to overhaul the National Flood Insurance Program. Under the MBA’s proposed deluxe program, paying an extra premium could include alternative living expense coverage for lost rental income on residential, commercial and multifamily rental properties. Additionally, the deluxe…