Ending Flood Insurance Subsidies for New Construction
This act aims to eliminate flood insurance subsidies for newly constructed properties, which may affect the cost of building and buying homes in flood-prone areas. The changes are intended to encourage construction in safer locations and reduce the burden on taxpayers from flood claims.
Key points
Starting January 1, 2025, new constructions and substantially improved properties will no longer receive subsidized flood insurance rates.
Insurance costs for these properties will reflect the full flood risk, potentially leading to higher premiums.
The act seeks to discourage building in high-risk flood zones and reduce financial losses from floods.
A study will assess the feasibility of eliminating all flood insurance subsidies by 2027, unless flood mitigation activities are completed.
Status:
Expired
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