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Flood Insurance Changes: New Premium Rate Calculation Rules

This bill aims to change how flood insurance premiums are calculated. Instead of current methods, premiums will consider the replacement cost of the property. This means your premium amount might change to better reflect the actual cost of repairing or rebuilding your home after a flood.
Key points
Flood insurance premiums will be calculated based on the replacement cost of the property, not just its market value.
Changes will be phased in gradually over three years, starting one year after the law takes effect.
FEMA will conduct a study and report on insurance industry best practices for risk rating and incorporating replacement cost.
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Status:
Expired
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Additional Information
Print number: 117_HR_3415
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2021-05-20
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3415.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-20.

What are the main provisions?

Key points include:

  • Flood insurance premiums will be calculated based on the replacement cost of the property, not just its market value.
  • Changes will be phased in gradually over three years, starting one year after the law takes effect.
  • FEMA will conduct a study and report on insurance industry best practices for risk rating and incorporating replacement cost.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Real Estate Economy