House Republicans have introduced a bill that would keep many homeowners and home buyers from facing large flood insurance premium increases. The bill, H.R.3370, would also refund premiums to thousands who have already been affected by the premium increases triggered by the Biggert-Waters Act. The bill would continue to grandfather rates for those whose homes have been re-mapped into a higher risk flood zone and recognize homes that were built to code and whose flood map elevation and or zone were later changed. People who buy homes that are currently receiving subsidized rates would continue to receive those rates rather than pay the full actuarial rates as outlined in the Biggert Waters Act.
In addition, the bill would impose a $25 fee on all primary home flood policies and a $250 fee on all commercial flood policies and those covering secondary and rental homes. The fees would help to pay future claims. While the Senate bill simply looked to delay the rate increases, the House bill seems to address the roughly $24,000,000 debt of the National Flood Insurance Program while also addressing the affordability issues.