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house Bill H.R. 3370

Rethinking Flood Insurance Rate Hikes

Argument in favor

Protects flood-zone homes and businesses from overpriced insurance rate hikes, allowing thousands to keep their homes and good credit.

Argument opposed

Allows a debt-heavy agency to take on more debt. Leaves taxpayers the bill when a major flood occurs. Underprices flood risk.

What is House Bill H.R. 3370?

A bill--and now a law--that deals with rate hikes for flood insurance. The legislation repeals many of a 2012 flood insurance law's changes and replaces them with a more moderate program for increasing insurance premiums. Requires rates to rise 5% across all flood insurance categories but then caps them, on average, at 15%, with no individual hikes above 18%. 


Financially impacts residents and businesses in flood zones, in addition to the amount of debt that the National Flood Insurance Program could take on.

Cost of House Bill H.R. 3370

$900.00 Million
Based on existing policy data, CBO estimates that the NFIP would borrow and spend an additional $900 million over the 2014-2018 period because of this legislation. However, because total borrowing is limited under current law, additional amounts borrowed over the next five years would be offset by less borrowing in later years, resulting in no net effect through 2024.

More Information


Insurance Journal 

In Detail: 

According to The Hill

The 2012 legislation called for insurance rate hikes aimed at more closely aligning the premiums collected to payments going out. Changes included matching premiums to flood risks, ending lower rates for homes with 'grandfathered' status and eliminating insurance subsidies for homes once they were sold to a new owner.

 But last year, new flood insurance rates were announced that were much higher than anticipated. Those changes led to complaints that owning a home or business in a flood zone was about to become unaffordable.


Homeowner Flood Insurance Affordability Act of 2014

Official Title

To delay the implementation of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, and for other purposes.

bill Progress

  • EnactedMarch 21st, 2014
    The President signed this bill into law
  • The senate Passed March 13th, 2014
    Roll Call Vote 72 Yea / 22 Nay
  • The house Passed March 4th, 2014
    Roll Call Vote 306 Yea / 91 Nay
      house Committees
      Committee on Financial Services
      Committee on Rules
    IntroducedOctober 29th, 2013

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