Flood Victim Premium Relief Act of 2013 - Amends the National Flood Insurance Act of 1968, with respect to adjustments to flood insurance premiums to reflect the current risk of flood, to limit premium rate increases on specified residential property in federally declared major disaster areas.
Requires premium rate increases or new premium rates on such properties which become effective after July 6, 2012, to be phased in over an 8-year period, at the rate of 5% for each of the first 4 years and 20% for each of the last 4s.
Defines such properties as those located within a major disaster area: (1) for which revised or updated flood insurance rate maps become effective during the 2-year period beginning upon the occurrence of the disaster; or (2) that upon enactment of this Act are eligible for preferred risk rate method premiums for flood insurance coverage, or that were eligible for them at any time during the 12-month period ending upon the occurrence of the disaster.
Requires such a property also to be: (1) owned by the same owner who owned the property at the time of the disaster; and (2) the owner's primary residence since the disaster (except for any periods of non-occupancy resulting from it).
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 960 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 960
To amend the National Flood Insurance Act of 1968 to provide relief
from increased flood insurance premium rates for homes in disaster
areas.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 5, 2013
Mr. Grimm (for himself, Mr. King of New York, Mrs. McCarthy of New
York, and Mr. Meeks) 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 relief
from increased flood insurance premium rates for homes in disaster
areas.
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 ``Flood Victim Premium Relief Act of
2013''.
SEC. 2. PHASE-IN OF NEW PREMIUM RATES FOR DISASTER AREAS.
Subsection (h) of section 1308 of the National Flood Insurance Act
of 1968 (42 U.S.C. 4015(h)) is amended--
(1) in the second sentence, by striking ``Any'' and
inserting ``Except as provided in paragraph (2), any'';
(2) in the third sentence, by striking ``In'' and inserting
``Except as provided in paragraph (2), in'';
(3) by striking the subsection designation and all that
follows through ``.--Notwithstanding'' and inserting the
following:
``(h) Premium Adjustment To Reflect Current Risk of Flood.--
``(1) In general.--Notwithstanding''; and
(4) by adding at the end the following new paragraph:
``(2) Disaster areas.--
``(A) Limitation on rate increases.--In the case of
any covered property, any such increase or new premium
rate that becomes effective after July 6, 2012, shall
be phased in over an 8-year period, at the rate of 5
percent for each of the first 4 years of such period
and 20 percent for each of the last 4 years of such
period.
``(B) Covered property.--For purposes of
subparagraph (A), the term `covered property' means a
residential property that--
``(i) is located within an area--
``(I) for which a major disaster
was declared pursuant to section 401 of
the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C.
5170); and
``(II)(aa) for which revised or
updated flood insurance rate maps
become effective during the 2-year
period beginning upon the occurrence of
the event for which the major disaster
declaration referred to in clause
(i)(I) was made; or
``(bb) that upon the date of the
enactment of the Flood Victim Premium
Relief Act of 2013 is eligible for any
reason for preferred risk rate method
premiums for flood insurance coverage
or that was eligible, at any time
during the 12-month period ending upon
the occurrence of the event for which
the major disaster declaration was
made, for preferred risk rate method
premiums;
``(ii) is owned by the same owner who owned
the property at the time of the occurrence of
such disaster event; and
``(iii) is, and has been since the
occurrence of such disaster event, the primary
residence of such owner except for any periods
of non-occupancy resulting from the
disaster.''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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