Homeowner Flood Insurance Transparency and Protection Act

2/8/2024, 1:40 PM

Homeowner Flood Insurance Transparency and Protection Act

This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including

  • publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
  • creating an online database where policyholders can see premium rates for their property using specified calculations, and
  • publishing an assessment of the economic and social impacts of Risk Rating 2.0.
Congress
118
Number
S - 721
Introduced on
2023-03-08
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/8/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Homeowner Flood Insurance Transparency and Protection Act

This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including

  • publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
  • creating an online database where policyholders can see premium rates for their property using specified calculations, and
  • publishing an assessment of the economic and social impacts of Risk Rating 2.0.
Alternative Names
Official Title as IntroducedA bill to permit policyholders under the National Flood Insurance Program to elect to have previous premium rates remain in effect until the Administrator of the Federal Emergency Management Agency satisfies certain conditions, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary7/19/2023

Homeowner Flood Insurance Transparency and Protection Act

This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk...

Latest Action3/8/2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.