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No Flood Insurance Subsidies for Homes Over One Million Dollars

This bill aims to stop federal flood insurance subsidies for single-family homes valued over one million dollars. This means owners of more expensive properties will pay full, market-based rates for flood insurance, with no caps on price increases. The goal is to ensure a fairer distribution of program costs.
Key points
Single-family homes valued over $1,000,000 will no longer receive flood insurance subsidies from the NFIP.
Flood insurance rates for these properties will be based on sound actuarial principles and will not have any caps on premium increases.
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Expired
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Additional Information
Print number: 117_S_2832
Sponsor: Sen. Lee, Mike [R-UT]
Process start date: 2021-09-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

No NFIP Subsidies for Millionaires Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2832.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-23.

What are the main provisions?

Key points include:

  • Single-family homes valued over $1,000,000 will no longer receive flood insurance subsidies from the NFIP.
  • Flood insurance rates for these properties will be based on sound actuarial principles and will not have any caps on premium increases.
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 Sen. Lee, Mike [R-UT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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