Homeowner Flood Insurance Transparency and Protection Act
- Last Action
- 3/8/2023
Actions
- 2023-03-08Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-03-08Introduced in Senate
CRS Summary
As of 2023-03-08 (00)
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.
Cosponsors (3)
- Ted Cruz (R-TX)
- John Kennedy (R-LA)
- Bill Cassidy (R-LA)
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.