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US HR2868

National Flood Insurance Program Policyholder Protection Act of 2017


summary

Introduced
06/08/2017
In Committee
06/15/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

National Flood Insurance Program Policyholder Protection Act of 2017 (Sec. 2) This bill amends the National Flood Insurance Act of 1968 to limit the chargeable flood insurance premium for a residential property having 4 or fewer residences to no more than $10,000 a year, subject to adjustments for future inflation. (Sec. 3) In determining chargeable premium rates, the Federal Emergency Management Agency (FEMA) shall offer a rate reduction if policyholders implement specified mitigation methods. Mitigation techniques that qualify for such rate reduction include methods that can be utilized on a block or neighborhood scale, and the elevation of mechanical systems. (Sec. 4) FEMA shall conduct a study of the feasibility of providing coverage for individual units in cooperative housing projects.

AI Summary

This bill, the National Flood Insurance Program Policyholder Protection Act of 2017, aims to: 1. Cap the annual flood insurance premium for residential properties with 4 or fewer units at $10,000, adjusting for inflation over time. This is to protect policyholders from unreasonable premium rates. 2. Require the Federal Emergency Management Agency (FEMA) to offer premium rate reductions for policyholders who implement certain mitigation methods, including methods that can be used on a block or neighborhood scale and the elevation of mechanical systems. 3. Direct FEMA to conduct a study on the feasibility of providing National Flood Insurance Program coverage for individual units in cooperative housing projects. The bill aims to make the National Flood Insurance Program more affordable and accessible for homeowners, particularly in dense urban areas, by limiting premium rates and incentivizing mitigation efforts.

Committee Categories

Business and Industry

Sponsors (3)

Last Action

Placed on the Union Calendar, Calendar No. 148. (on 07/11/2017)

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