To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes. 2021-05-20 Introduced in House This bill directs the Federal Emergency Management Agency (FEMA) to incorporate the replacement cost value of a structure insured under the National Flood Insurance Program of 1968 in its consideration of chargeable premium rates.

FEMA must conduct a study regarding risk rating redesign utilizing replacement cost and report the findings to Congress.

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