Homeowners Flood Insurance Relief Act of 2013

Bill: 113-hr-3312
Sponsor: full_name: Rep. Bilirakis, Gus M. [R-FL-12]
Introduced: 2013-10-23
Policy area: Emergency Management
Subjects: Disaster relief and insurance

Floods and storm protection
Latest action: action_date: 2013-10-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-10-23
action_desc: Introduced in House
text: <p>Homeowners Flood Insurance Relief Act of 2013 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to provide certain policy holders the option of paying their premiums monthly (or annually or in more frequent installments, as under current law).</p> <p>Declares the maximum annual chargeable premium rate for a property to be the total appraised value of all structures located on it at the time of its purchase by the current owner of the property divided by 30.</p> <p>Sets forth a ten-year phase-in period for risk premium rate increases resulting from enactment of the Biggert-Waters Flood Insurance Reform Act of 2012, at the rate of 10% for each year following the effective date of such Act.</p> <p>Directs FEMA to refund or provide credit to insureds for any flood insurance premiums collected in excess of the mandatory phase-in of rates prescribed by this Act.</p> <BR>

tv_txt: I 113th CONGRESS 1st Session H. R. 3312 IN THE HOUSE OF REPRESENTATIVES October 23, 2013 Mr. Bilirakis (for himself, Mr. Rooney , and Ms. Ros-Lehtinen ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Administrator of the Federal Emergency Management Agency to allow for monthly installment payments for flood insurance under the National Flood Insurance Act of 1968, to cap the annual cost of flood insurance under that Act, to provide for a ten-year phase-in of premium increases resulting from the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012, and for other purposes.

1. Short title This Act may be cited as the Homeowners Flood Insurance Relief Act of 2013 . 2. Monthly installment payments for premiums Section 1308(g) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(g) ) is amended by striking either annually or in more frequent installments and inserting annually, monthly, or in other installments that are more frequent than annually . 3. Cap on annual cost of flood insurance Section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015 ) is amended— (1) by redesignating subsection (i) as subsection (j); and (2) by inserting after subsection (h) the following new subsection: (i) Maximum annual premium Notwithstanding any other provision of this title, the maximum annual chargeable premium rate for a property shall be the total appraised value of all structures located on the property at the time of the purchase of the property by the current owner of the property divided by 30. . 4. Ten-year phase-in of premium increases resulting from Biggert-Waters Flood Insurance Reform Act of 2012 (a) Phase-In Notwithstanding any other provision of law, any increase in the risk premium rate charged for flood insurance under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq. ) on any property that is covered by a flood insurance policy on the effective date of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 ; 126 Stat. 916 et seq.) that is a result of the enactment of such Act or the amendments made by such Act shall be phased in over a 10-year period, at the rate of 10 percent for each year following such effective date. (b) Applicability; refund or credit Subsection (a) shall apply as if enacted as part of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 ; 126 Stat. 916 et seq.). The Administrator of the Federal Emergency Management Agency shall refund to insureds, or provide credit to insureds for, any premiums for flood insurance coverage under the National Flood Insurance Program collected in excess of the rates required pursuant to subsection (a).