Homeowners Flood Insurance Relief Act of 2013

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).

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.

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.

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.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3312 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3312

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.


_______________________________________________________________________


                    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.

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

SECTION 1. SHORT TITLE.

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

SEC. 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''.

SEC. 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.''.

SEC. 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).
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