Fair Flood Protection Act of 2024

The Fair Flood Protection Act of 2024 reauthorizes the National Flood Insurance Program through 2034 and makes several key changes to improve its financial stability and affordability. It eliminates the Community Rating System over 2-4 years, caps reimbursement rates for private insurers participating in the "Write Your Own" program at 25% of premiums, and requires annual transparency reports showing how premiums are calculated for policyholders. The bill creates a Flood Protection Affordability Program that subsidizes premiums for eligible homeowners based on income, funded by a new 20% annual fee on policies (30% for non-residential properties). Additionally, it establishes a levee development program and authorizes $200 million annually for flood resilience projects from 2025-2034.