HR 1309 · 112th Congress · Emergency Management
Flood Insurance Reform Act of 2011
Bill Progress
1
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2011-07-27)
Recorded Votes
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Plain Language Summary
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Flood Insurance Reform Act of 2011 - Extends the National Flood Insurance Program through FY2016. Amends the Flood Disaster Protection Act of 1973 to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to suspend temporarily the mandatory flood insurance purchase requirement for areas with special flood hazards, if they meet certain eligibility requirements. Requires a lender or servicer who receives confirmation of a borrower's existing flood insurance coverage to terminate force-placed insurance and refund to the borrower all force-placed insurance premiums. Amends the National Flood Insurance Act of 1968 to prescribe minimum annual flood insurance deductibles for subsidized rate and for actuarial rate properties. Sets forth a formula for indexing maximum coverage limits. Prescribes optional coverage for loss of use of personal residence and business interruption. Raises from 10% to 20% of the average of the risk premium rates for the properties concerned the annual limitation on premium increases. Prescribes five-year phase-in rates for newly mapped properties. Prohibits extension of subsidized rates for lapsed policies. Makes communities that reconstru…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 1309, Flood Insurance Reform Act of 2011
Jun 8, 2011Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 13, 2011
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (19)
10 Democrats9 Republicans