Flood Insurance Premium Relief Act of 2013

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Premium Relief Act 
of 2013''.

SEC. 2. TEMPORARY DELAY OF IMPLEMENTATION AND PHASE-IN OF PREMIUM RATE 
              INCREASES FOR CERTAIN PROPERTIES.

    (a) Newly Purchased Properties.--
            (1) Delay of implementation.--For any property that is 
        purchased after July 6, 2012, and before January 1, 2015, the 
        risk premium rate charged for flood insurance under the 
        national flood insurance program under the National Flood 
        Insurance Act of 1968 (42 U.S.C. 4001 et seq.) shall--
                    (A) during the 12-month period beginning upon such 
                purchase, be the amount of such risk premium rate 
                chargeable for such property immediately before such 
                purchase; and
                    (B) thereafter, be a rate that is not less than 
                those estimated under section 1307(a)(1) of such Act 
                (42 U.S.C. 4014(a)(1)), as required by paragraph (2) of 
                that section, subject to paragraph (2) of this 
                subsection.
            (2) Phase-in of increased rates.--Upon the expiration of 
        any 12-month period referred to in paragraph (1)(A) with 
        respect to any property, any increase in the risk premium rate 
        charged for flood insurance for such property that is a result 
        of paragraph (1)(B) shall be phased in over a 10-year period, 
        at the rate of 10 percent for each year following the 
        expiration of such 12-month period.
    (b) Properties With New Flood Insurance Rate Maps.--
            (1) Delay of implementation.--For any property that is 
        located in an area that is participating in the national flood 
        insurance program under the National Flood Insurance Act of 
        1968, that is covered by a flood insurance policy on the date 
        of a covered flood insurance rate map update, and for which the 
        risk premium rate charged for flood insurance for such property 
        has increased, or will increase, as a result of such update, 
        the risk premium rate charged for flood insurance under the 
        national flood insurance program shall, during the 12-month 
        period beginning upon the effective date of such covered flood 
        insurance rate map update, be the amount of such risk premium 
        rate chargeable for such property immediately before the 
        effective date of such update.
            (2) Phase-in of increased rates.--Upon the expiration of 
        any 12-month period referred to in paragraph (1) with respect 
        to any property, any increase in the risk premium rate charged 
        for flood insurance for such property that is a result of such 
        covered flood insurance rate map update shall be phased in over 
        a 10-year period, at the rate of 10 percent for each year 
        following the expiration of such 12-month period.
            (3) Covered flood insurance rate map update.--For purposes 
        of this subsection, the term ``covered flood insurance rate map 
        update'' means any revision or updating of flood insurance rate 
        maps under the National Flood Insurance Act of 1968, the Flood 
        Disaster Protection Act of 1973 (42 U.S.C. 4002 et seq.), or 
        the Biggert-Waters Flood Insurance Reform Act of 2012 (subtitle 
        A of title II of division F of Public Law 112-141), that takes 
        effect after July 6, 2012, and before January 1, 2015.

SEC. 3. PERMANENT PHASE-IN OF PREMIUM RATE INCREASES FOR CERTAIN 
              PROPERTIES.

    (a) Properties Purchased in 2015 or After.--Paragraph (2) of 
section 1307(g) of the National Flood Insurance Act of 1968 (42 U.S.C. 
4014(g)(2)) is amended by striking ``after the date of enactment of the 
Biggert-Waters Flood Insurance Reform Act of 2012'' and inserting the 
following: ``on or after January 1, 2015, except that any increase in 
the risk premium rate charged for flood insurance resulting from this 
paragraph for any such property shall be phased in over a 10-year 
period, at the rate of 10 percent for each year following such 
purchase''.
    (b) Properties With New Flood Insurance Rate Maps Effective in 2015 
or After.--Subsection (h) of section 1308 of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4015(h)) is amended--
            (1) in the first sentence, by inserting before the period 
        at the end the following: ``and to section 2(b) of the Flood 
        Insurance Premium Relief Act of 2013''; and
            (2) in the second sentence--
                    (A) by striking ``Any increase'' and inserting ``In 
                the case of any such update that takes effect on or 
                after January 1, 2015, any increase''; and
                    (B) by striking ``5-year period, at the rate of 20 
                percent'' and inserting ``10-year period, at the rate 
                of 10 percent''.

Summary: Flood Insurance Premium Relief Act of 2013 - States that the flood insurance risk premium rate for property purchased between July 6, 2012, and January 1, 2015, shall, during the 12-month period beginning upon such purchase, be the amount chargeable for such property immediately before its purchase (thus delaying implementation of the rate increase). Requires phase-in of the rate increase, following expiration of such 12-month period, over a 10-year period, at 10% for each year. Makes conforming amendments to the National Flood Insurance Act of 1968.