Build for Future Disasters Act of 2021
- Last Action
- 4/16/2021
Actions
- 2021-04-16Referred to the House Committee on Financial Services.
- 2021-04-16Introduced in House
- 2021-04-16Introduced in House
CRS Summary
As of 2021-04-16 (00)
Build for Future Disasters Act of 2021
This bill eliminates certain National Flood Insurance Program (NFIP) rate subsidies for newly constructed property. Specifically, the chargeable rate for NFIP coverage of newly constructed property and any substantial improvements of property started on or after January 1, 2025, must not be not less than the estimated risk premium rate.
The Government Accountability Office must report on the feasibility and effects of (1) eliminating by January 1, 2027, all subsidies that reduce premiums for NFIP coverage to amounts below those necessary to operate to program without a deficit, and (2) prohibiting these subsidies unless flood mitigation activities have been completed on a property.
Cosponsors (1)
- Andy Barr (R-KY)
Subjects
- Building construction
- Floods and storm protection
- Government Accountability Office (GAO)
- Government information and archives
- Government studies and investigations
- Life, casualty, property insurance
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.