Flood Insurance Affordability Act
Source: Congress.gov ·
248 words in original text
What This Bill Does
This bill changes the rules for how much flood insurance prices can go up each year. It lowers the maximum yearly price increase allowed for flood insurance from one amount to a lower amount.
Who It Affects
People who buy flood insurance and pay the premiums (regular payments for coverage).
Key Provisions
• The yearly increase limit for flood insurance premiums drops from 18 percent to 9 percent (Sec. 2)
What Changes
If this bill passes, flood insurance companies can only raise their prices by a maximum of 9 percent each year instead of 18 percent each year.
Important Definitions
Chargeable risk premium rate: the amount of money a person must pay for flood insurance coverage based on their property's flood risk.
Effective Date
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.