Summary#
This bill would reauthorize the National Flood Insurance Program (NFIP) through September 30, 2030 and make many changes to how the program works. It sets limits on annual premium increases for most policyholders, creates a means-tested discount program for lower-income households, and allows optional monthly premium payments. The bill funds new mitigation programs, creates loan and revolving fund programs for state and tribal mitigation, and raises priorities for repetitive-loss and high-risk properties. It requires mapping updates and a new digital building-level flood risk database, a public premium calculator, and new appeals processes for map and premium disputes. The bill adds consumer protections, including faster claim deadlines, an independent policyholder appeals office, required disclosure of claim documents to policyholders, training and continuing education for agents and adjusters, and rules on engineer reports. It also contains measures aimed at program solvency: temporary forbearance on interest the NFIP owes the Treasury, caps on private ‘‘Write Your Own’’ company compensation and agent commissions, and transparency rules for vendor costs and claims data. The bill authorizes grants and appropriations for mitigation, mapping, and a new means-tested assistance program.
What it means for you#
- If you hold or buy flood insurance, the NFIP would continue to operate through 2030.
- For many policyholders, annual increases in covered costs (premiums, certain surcharges, and fees) would be limited to no more than 9 percent per year for five years after enactment.
- Some households with income at or below the bill’s threshold (eligible policyholders) could get graduated discounts on flood insurance premiums if Congress funds the program. The bill defines eligible households as those with household income up to 140% of area median income and requires rules for verifying income.
- Policyholders could choose to pay premiums monthly for an annual fee up to $15.
- The bill requires a public premium calculator and more detailed building-level maps and data so owners can see structure-specific flood risk and estimated premiums.
- If you file a claim, the bill requires an initial claim decision within 60 days of a proof of loss (with limited extensions) and gives policyholders stronger rights to get claim files and technical reports quickly.
- Property sellers and lessors would need to provide standardized flood-risk disclosure information to buyers and lessees in areas that adopt required disclosure rules.
- Communities and property owners could access new mitigation grant, loan, and revolving-fund programs to reduce flood risk.
Expenses#
- The bill authorizes specific funding for the means-tested assistance program: $250,000,000 for fiscal year 2024; $340,000,000 for FY2025; $400,000,000 for FY2026; $500,000,000 for FY2027; and $600,000,000 for FY2028.
- It authorizes $1,000,000,000 to the National Flood Mitigation Fund for each of the first five full fiscal years after enactment for mitigation assistance (from the general fund).
- Mapping modernization funding is amended to include $500,000,000 and an additional $500,000,000 for each of fiscal years 2024 through 2029.
- The bill authorizes ‘‘such sums as may be necessary’’ for a State and Tribal revolving loan fund program for flood mitigation for fiscal years 2024 through 2033.
- The bill directs that interest the NFIP would have paid the Treasury during a five-year forbearance be deposited into the National Flood Mitigation Fund to support mitigation programs.
- For many other actions the bill directs the Administrator to issue rules, studies, or reports; where specific appropriations are needed the bill either authorizes funds or states actions are subject to availability of appropriations.
Proponents' View#
No publicly available information.
Opponents' View#
No publicly available information.