Flood Insurance Affordability Act
This bill, S 601 (Flood Insurance Affordability Act), amends the National Flood Insurance Act of 1968 to reduce the annual cap on premium increases for flood insurance policies. It directly affects homeowners and property owners covered by the National Flood Insurance Program (NFIP) by lowering the maximum allowable annual premium hike from 18% to 9%. The key mechanism is a specific change to Section 1308(e)(1) of the existing law, altering the percentage limit on how much insurers can raise premiums each year. This is a direct policy adjustment to premium pricing rules within the federal flood insurance program.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2023
Committee Review
Floor Vote
President
Introduced Mar 1, 2023
Last action Mar 1, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 1, 2023
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Mar 1, 2023
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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