To amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties, and for other purposes.

To amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties, and for other purposes. 1. Modification of phase-in increases of flood insurance premium rates for certain properties (a) Change of ownership of second homes, business properties, and primary residences Section 1307(g)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(2) 2012 2012, except for properties referred to in paragraphs (3) and (4) of section 1308(e) (b) Second homes and business properties and change of ownership of primary residences Section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e) (1) in paragraph (1), by striking ; and (2) in paragraph (2)— (A) by striking described in subparagraphs (A) through (E) described in subparagraphs (B), (C), and (E) (B) by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following new paragraphs: (3) described in subparagraphs (A) and (D) of section 1307(a)(2) shall be increased by 12.5 percent each year, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described under paragraph (1); and (4) that are primary residences purchased after the date of the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 (title II of division F of Public Law 112–141 . (c) Effect on rates changed due to Biggert-Waters Flood Insurance Reform Act of 2012 The Administrator of the Federal Emergency Management Agency shall adjust the chargeable risk premium rates for flood insurance under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) for properties referred to in paragraphs (3) and (4) of section 1308(e) of such Act ( 42 U.S.C. 4015(e) Public Law 112–141

Summary: Amends the National Flood Insurance Act of 1968 to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to provide flood insurance to certain prospective insureds at rates less than certain statutory estimates. Increases by 12.5% each year the chargeable risk premium rates for flood insurance for business property and for residential property which is not the primary residence of an individual until the average risk premium rate for such properties is equal to the average of the risk premium rates for specified other properties. Increases by 12.5% each year the chargeable risk premium rates for flood insurance for primary residences purchased after the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters [enacted July 6, 2012]) as if such increase began on the date of such enactment, until the average risk premium rate for such primary residences is equal to the average of the risk premium rates for specified other properties. Requires the FEMA Administrator to adjust the chargeable risk premium rates for flood insurance, for properties subject to such 12.5% increase, as if the amendments made by this Act were enacted at the same time as Biggert-Waters.