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Analysis Of The 21st Century Flood Reform Act

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On Tuesday, November 14, 2017 the US House of Representatives passed the 21st Century Flood Reform Act (HR 2874) with a whopping 237 to 189 vote. If passed by the Senate and the President, the bill would extend the National Flood Insurance Program (NFIP) for another 5 years. The NFIP, which saw another devastating year of flood claims, is set to expire on December 8th. Our agent, Brian T. Ford, has read the entire bill and has provided us with his highlights below. 21st Century Flood Reform Act Highlights: Extends the NFIP until September 30, 2022 Decreases the maximum annual premium rate increase from 18% to 15% Provides flood insurance affordability programs for eligible low-income households The administrator of the NFIP, the Federal …show more content…

Increases the amount of surcharge from $25 to $40 for primary residences Decreases the surcharge from $250 to $125 for non-primary residences located outside of special flood hazard areas Increases the

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