S. 2833 · 117th Congress
NFIP Underwater Properties Act
- Stage
- In committee
- Sponsor
- Mike Lee
- Introduced
- 2021-09-23
- Latest action
- 2021-09-23 · Introduced in Senate
Summary
NFIP Underwater Properties Act
This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for structures that have incurred repetitive flood-related damage 1) be based on sound actuarial principles, and 2) not be subject to any rate caps if the structure is located in a special flood hazard area. Under current law, certain types of property are not charged actuarial rates for NFIP coverage.