I 

113TH CONGRESS 

1ST SESSION H. R. 1267 

To delay and phase-in increases in flood insurance premium rates under 

the national flood insurance program for certain properties, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 19, 2013 

Mr. PALAZZO introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To delay and phase-in increases in flood insurance premium 

rates under the national flood insurance program for 

certain properties, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Flood Insurance Pre5 mium Relief Act of 2013’’. 

6 SEC. 2. TEMPORARY DELAY OF IMPLEMENTATION AND 

7 PHASE-IN OF PREMIUM RATE INCREASES 

8 FOR CERTAIN PROPERTIES. 

9 (a) NEWLY PURCHASED PROPERTIES.— 


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•HR 1267 IH

1 (1) DELAY OF IMPLEMENTATION.—For any 

2 property that is purchased after July 6, 2012, and 

3 before January 1, 2015, the risk premium rate 

4 charged for flood insurance under the national flood 

5 insurance program under the National Flood Insur6 ance Act of 1968 (42 U.S.C. 4001 et seq.) shall— 

7 (A) during the 12-month period beginning 

8 upon such purchase, be the amount of such risk 

9 premium rate chargeable for such property im10 mediately before such purchase; and 

11 (B) thereafter, be a rate that is not less 

12 than those estimated under section 1307(a)(1) 

13 of such Act (42 U.S.C. 4014(a)(1)), as required 

14 by paragraph (2) of that section, subject to 

15 paragraph (2) of this subsection. 

16 (2) PHASE-IN OF INCREASED RATES.—Upon 

17 the expiration of any 12-month period referred to in 

18 paragraph (1)(A) with respect to any property, any 

19 increase in the risk premium rate charged for flood 

20 insurance for such property that is a result of para21 graph (1)(B) shall be phased in over a 10-year pe22 riod, at the rate of 10 percent for each year fol23 lowing the expiration of such 12-month period. 

24 (b) PROPERTIES WITH NEW FLOOD INSURANCE

25 RATE MAPS.— 


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•HR 1267 IH

1 (1) DELAY OF IMPLEMENTATION.—For any 

2 property that is located in an area that is partici3 pating in the national flood insurance program 

4 under the National Flood Insurance Act of 1968, 

5 that is covered by a flood insurance policy on the 

6 date of a covered flood insurance rate map update, 

7 and for which the risk premium rate charged for 

8 flood insurance for such property has increased, or 

9 will increase, as a result of such update, the risk 

10 premium rate charged for flood insurance under the 

11 national flood insurance program shall, during the 

12 12-month period beginning upon the effective date of 

13 such covered flood insurance rate map update, be 

14 the amount of such risk premium rate chargeable 

15 for such property immediately before the effective 

16 date of such update. 

17 (2) PHASE-IN OF INCREASED RATES.—Upon 

18 the expiration of any 12-month period referred to in 

19 paragraph (1) with respect to any property, any in20 crease in the risk premium rate charged for flood in21 surance for such property that is a result of such 

22 covered flood insurance rate map update shall be 

23 phased in over a 10-year period, at the rate of 10 

24 percent for each year following the expiration of 

25 such 12-month period. 


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•HR 1267 IH

1 (3) COVERED FLOOD INSURANCE RATE MAP UP2 DATE.—For purposes of this subsection, the term 

3 ‘‘covered flood insurance rate map update’’ means 

4 any revision or updating of flood insurance rate 

5 maps under the National Flood Insurance Act of 

6 1968, the Flood Disaster Protection Act of 1973 (42 

7 U.S.C. 4002 et seq.), or the Biggert-Waters Flood 

8 Insurance Reform Act of 2012 (subtitle A of title II 

9 of division F of Public Law 112–141), that takes ef10 fect after July 6, 2012, and before January 1, 2015. 

11 SEC. 3. PERMANENT PHASE-IN OF PREMIUM RATE IN12 CREASES FOR CERTAIN PROPERTIES. 

13 (a) PROPERTIES PURCHASED IN 2015 OR AFTER.— 

14 Paragraph (2) of section 1307(g) of the National Flood 

15 Insurance Act of 1968 (42 U.S.C. 4014(g)(2)) is amended 

16 by striking ‘‘after the date of enactment of the Biggert17 Waters Flood Insurance Reform Act of 2012’’ and insert18 ing the following: ‘‘on or after January 1, 2015, except 

19 that any increase in the risk premium rate charged for 

20 flood insurance resulting from this paragraph for any such 

21 property shall be phased in over a 10-year period, at the 

22 rate of 10 percent for each year following such purchase’’. 

23 (b) PROPERTIES WITH NEW FLOOD INSURANCE

24 RATE MAPS EFFECTIVE IN 2015 OR AFTER.—Subsection 


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1 (h) of section 1308 of the National Flood Insurance Act 

2 of 1968 (42 U.S.C. 4015(h)) is amended— 

3 (1) in the first sentence, by inserting before the 

4 period at the end the following: ‘‘and to section 2(b) 

5 of the Flood Insurance Premium Relief Act of 

6 2013’’; and 

7 (2) in the second sentence— 

8 (A) by striking ‘‘Any increase’’ and insert9 ing ‘‘In the case of any such update that takes 

10 effect on or after January 1, 2015, any in11 crease’’; and 

12 (B) by striking ‘‘5-year period, at the rate 

13 of 20 percent’’ and inserting ‘‘10-year period, 

14 at the rate of 10 percent’’. 

Æ 


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