[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4071 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4071

To amend the National Flood Insurance Act of 1968 to provide for flood 
      insurance policies with higher deductibles and lower rates.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 21, 2014

  Mr. Schrader (for himself and Mr. Marino) introduced the following 
    bill; which was referred to the Committee on Financial Services

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                                 A BILL


 
To amend the National Flood Insurance Act of 1968 to provide for flood 
      insurance policies with higher deductibles and lower rates.

    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 ``Flood Insurance Flexibility Act of 
2014''.

SEC. 2. OPTIONAL HIGH-DEDUCTIBLE POLICIES FOR CERTAIN PROPERTIES.

    Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4013) is amended by adding at the end the following new subsection:
    ``(d) Optional High-Deductible Policies.--
            ``(1) Option.--The Administrator shall make flood insurance 
        coverage available for properties, at the option of the 
        insured, having premiums and deductibles in the amounts 
        provided under paragraph (2).
            ``(2) High-deductibles; risk premium rate.--Flood insurance 
        coverage made available pursuant to this subsection for a 
        property shall--
                    ``(A) have an annual loss-deductible for damage to 
                the covered property in an amount not less than $10,000 
                (as such amount is adjusted for inflation to the 
                nearest $1,000 by the Administrator, using such index 
                as the Administrator determines is appropriate), and 
                the Administrator may make coverage available having 
                such higher loss-deductible amounts as the 
                Administrator considers feasible and appropriate; and
                    ``(B) subject to any other provision of this Act, 
                have a chargeable risk premium rate that, as determined 
                by the Administrator, accurately reflects the current 
                risk of flood to such property and the deductible under 
                such coverage pursuant to subparagraph (A).''.
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