[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2251 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2251

To ensure that individual homeowners that were not previously required 
 to purchase flood insurance that are now required to do so because of 
 the updating of flood insurance program rate maps receive a discount 
                  for the purchase of such insurance.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 26, 2007

Mrs. Feinstein (for herself, Mr. Lott, and Mr. Cochran) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To ensure that individual homeowners that were not previously required 
 to purchase flood insurance that are now required to do so because of 
 the updating of flood insurance program rate maps receive a discount 
                  for the purchase of such insurance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowner's Flood Insurance 
Protection Act of 2007''.

SEC. 2. 5-YEAR DISCOUNT OF FLOOD INSURANCE RATES FOR FORMERLY PROTECTED 
              AREAS.

    Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4015) is amended--
            (1) in subsection (c), by inserting ``and subsection (g)'' 
        before the first comma; and
            (2) by adding at the end the following new subsection:
    ``(g) 5-Year Discount of Flood Insurance Rates for Formerly 
Protected Areas.--
            ``(1) In general.--Notwithstanding any other provision of 
        law relating to chargeable risk premium rates for flood 
        insurance coverage under this title, in the case of any area 
        that previously was not designated as an area having special 
        flood hazards because the area was protected by a flood 
        protection system and that, pursuant to any updating, 
        reviewing, or remapping of flood insurance program rate maps 
        under this Act or any other subsequent Act, becomes designated 
        as such an area as a result of the decertification of such 
        flood protection system, during the 5-year period that begins 
        upon the initial such designation of the area, the chargeable 
        premium rate for flood insurance under this title with respect 
        to any property that prior to the date of enactment of the 
        Homeowner's Flood Insurance Protection Act of 2007 was located 
        within such area shall be equal to 50 percent of the chargeable 
        risk premium rate otherwise applicable under this title to the 
        property.
            ``(2) Rule of construction.--For purposes of paragraph (1), 
        any new property or structure developed, constructed, or 
        otherwise built after the date of enactment of the Homeowner's 
        Flood Insurance Protection Act of 2007 on any property 
        described in such paragraph shall not be eligible for the 
        chargeable premium rate discount under such paragraph.''.
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