[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 960 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 960

  To amend the National Flood Insurance Act of 1968 to provide relief 
  from increased flood insurance premium rates for homes in disaster 
                                 areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2013

  Mr. Grimm (for himself, Mr. King of New York, Mrs. McCarthy of New 
York, and Mr. Meeks) introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the National Flood Insurance Act of 1968 to provide relief 
  from increased flood insurance premium rates for homes in disaster 
                                 areas.

    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 Victim Premium Relief Act of 
2013''.

SEC. 2. PHASE-IN OF NEW PREMIUM RATES FOR DISASTER AREAS.

    Subsection (h) of section 1308 of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4015(h)) is amended--
            (1) in the second sentence, by striking ``Any'' and 
        inserting ``Except as provided in paragraph (2), any'';
            (2) in the third sentence, by striking ``In'' and inserting 
        ``Except as provided in paragraph (2), in'';
            (3) by striking the subsection designation and all that 
        follows through ``.--Notwithstanding'' and inserting the 
        following:
    ``(h) Premium Adjustment To Reflect Current Risk of Flood.--
            ``(1) In general.--Notwithstanding''; and
            (4) by adding at the end the following new paragraph:
            ``(2) Disaster areas.--
                    ``(A) Limitation on rate increases.--In the case of 
                any covered property, any such increase or new premium 
                rate that becomes effective after July 6, 2012, shall 
                be phased in over an 8-year period, at the rate of 5 
                percent for each of the first 4 years of such period 
                and 20 percent for each of the last 4 years of such 
                period.
                    ``(B) Covered property.--For purposes of 
                subparagraph (A), the term `covered property' means a 
                residential property that--
                            ``(i) is located within an area--
                                    ``(I) for which a major disaster 
                                was declared pursuant to section 401 of 
                                the Robert T. Stafford Disaster Relief 
                                and Emergency Assistance Act (42 U.S.C. 
                                5170); and
                                    ``(II)(aa) for which revised or 
                                updated flood insurance rate maps 
                                become effective during the 2-year 
                                period beginning upon the occurrence of 
                                the event for which the major disaster 
                                declaration referred to in clause 
                                (i)(I) was made; or
                                    ``(bb) that upon the date of the 
                                enactment of the Flood Victim Premium 
                                Relief Act of 2013 is eligible for any 
                                reason for preferred risk rate method 
                                premiums for flood insurance coverage 
                                or that was eligible, at any time 
                                during the 12-month period ending upon 
                                the occurrence of the event for which 
                                the major disaster declaration was 
                                made, for preferred risk rate method 
                                premiums;
                            ``(ii) is owned by the same owner who owned 
                        the property at the time of the occurrence of 
                        such disaster event; and
                            ``(iii) is, and has been since the 
                        occurrence of such disaster event, the primary 
                        residence of such owner except for any periods 
                        of non-occupancy resulting from the 
                        disaster.''.
                                 <all>