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Flood Insurance Affordability Act: Limiting Annual Premium Increases

This bill aims to protect homeowners from sharp increases in flood insurance costs. The change reduces the maximum annual premium rate increase from 18% to 9%. This means citizens with federal flood insurance will experience greater financial predictability and slower growth in the cost of protecting their property.
Key points
The maximum annual increase for federal flood insurance premiums is reduced from 18% to 9%.
This change directly impacts personal finances by slowing down the rate at which insurance costs can rise each year.
The goal is to increase the affordability of flood insurance for property owners in risk zones.
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Additional Information
Print number: 118_S_601
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2023-03-01
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Flood Insurance Affordability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_601.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • The maximum annual increase for federal flood insurance premiums is reduced from 18% to 9%.
  • This change directly impacts personal finances by slowing down the rate at which insurance costs can rise each year.
  • The goal is to increase the affordability of flood insurance for property owners in risk zones.
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. Kennedy, John [R-LA].

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 2025-12-27.

CATEGORIES

Real Estate Economy