Flood Insurance Flexibility Act of 2014

Bill: 113-hr-4071
Sponsor: full_name: Rep. Schrader, Kurt [D-OR-5]
Introduced: 2014-02-21
Policy area: Emergency Management
Subjects: Disaster relief and insurance

Floods and storm protection
Latest action: action_date: 2014-02-21
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-02-21
action_desc: Introduced in House
text: <p>Flood Insurance Flexibility Act of 2014 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to make available, at the option of the insured, flood insurance coverage for properties with premiums and deductibles which have an annual loss-deductible for damage to the covered property of at least $10,000. </p> <p>Authorizes FEMA to make coverage available with higher loss-deductible amounts that it considers feasible and appropriate.</p> <p>Requires such flood insurance coverage to have a chargeable risk premium rate that, as determined by FEMA, accurately reflects both the current risk of flood to the property and the deductible.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4071 IN THE HOUSE OF REPRESENTATIVES February 21, 2014 Mr. Schrader (for himself and Mr. Marino ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the National Flood Insurance Act of 1968 to provide for flood insurance policies with higher deductibles and lower rates.

1. Short title This Act may be cited as the Flood Insurance Flexibility Act of 2014 . 2. Optional high-deductible policies for certain properties Section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013 ) is amended by adding at the end the following new subsection: (d) Optional high-Deductible policies (1) Option The Administrator shall make flood insurance coverage available for properties, at the option of the insured, having premiums and deductibles in the amounts provided under paragraph (2). (2) High-deductibles; risk premium rate Flood insurance coverage made available pursuant to this subsection for a property shall— (A) have an annual loss-deductible for damage to the covered property in an amount not less than $10,000 (as such amount is adjusted for inflation to the nearest $1,000 by the Administrator, using such index as the Administrator determines is appropriate), and the Administrator may make coverage available having such higher loss-deductible amounts as the Administrator considers feasible and appropriate; and (B) subject to any other provision of this Act, have a chargeable risk premium rate that, as determined by the Administrator, accurately reflects the current risk of flood to such property and the deductible under such coverage pursuant to subparagraph (A). .