Stop Flood Insurance Rate Hikes Act

Hozzl · 2022-12-29T23:03:27Z

Explore the details of House Bill 7364 Stop Flood Insurance Rate Hikes Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/29/2022, 11:03 PM

Summary of Bill HR 7364

Bill 117 HR 7364, also known as the Stop Flood Insurance Rate Hikes Act, aims to prevent significant increases in flood insurance premiums for policyholders. The bill was introduced in response to concerns about rising flood insurance rates that could potentially burden homeowners and businesses in flood-prone areas.

The key provisions of the bill include a cap on annual premium increases for policyholders, limiting the amount that rates can rise each year. Additionally, the bill seeks to provide more transparency in the rate-setting process, ensuring that policyholders are aware of how their premiums are calculated.

Furthermore, the Stop Flood Insurance Rate Hikes Act aims to improve affordability for low and moderate-income policyholders by offering discounts and assistance programs. These measures are intended to help ensure that flood insurance remains accessible for those who need it most. Overall, the bill seeks to strike a balance between protecting policyholders from excessive rate hikes while also ensuring the financial stability of the National Flood Insurance Program. By addressing concerns about affordability and transparency, the Stop Flood Insurance Rate Hikes Act aims to provide much-needed relief for those at risk of facing unmanageable flood insurance costs.

Congressional Summary of HR 7364

Stop Flood Insurance Rate Hikes 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 and to receive refunds for previously paid premiums. 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, social, and environmental impacts of Risk Rating 2.0.

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Current Status of Bill HR 7364

Bill HR 7364 is currently in the status of Bill Introduced since April 1, 2022. Bill HR 7364 was introduced during Congress 117 and was introduced to the House on April 1, 2022. Bill HR 7364's most recent activity was Referred to the House Committee on Financial Services. as of April 1, 2022

Bipartisan Support of Bill HR 7364

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 7364

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 7364

Stop Flood Insurance Rate Hikes Act

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.