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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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Status:
Expired
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Additional Information
Print number: 118_S_601
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2023-03-01
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-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

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.

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