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Senate Committee on Banking, Housing, and Urban AffairsIntroducedMay 23rd, 2013
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Saving Homeowners from Onerous Rate Escalations Act of 2013
A bill to extend the phase-in of actuarial rates for flood insurance for certain properties under the Biggert-Waters Flood Insurance Reform Act of 2012.
Saving Homeowners from Onerous Rate Escalations Act of 2013 or SHORE Act of 2013 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to phase in, over an eight-year period, any increase in the flood insurance risk premium rate caused by the prohibition against extending subsidies to new or lapsed policies. Extends from a 5-year to a 10-year period the phase-in period for premium adjustment increases in the flood insurance risk rate. Prescribes a phase-in rate of: (1) 5% for each of the first 5 years after the effective date of an update, and 15% for each of the 5 ensuing years; and (2) 5% for each of the first 5 years following the effective date of designation as a special flood area of any area not previously so designated, and 15% for each of the 5 ensuing years.