The National Flood Insurance Program Affordability Act aims to address concerns regarding the affordability of flood insurance for policyholders. The main provisions of the bill include limiting annual premium increases, establishing a cap on out-of-pocket expenses for policyholders, and providing assistance to lower-income households. This bill seeks to make flood insurance more accessible and affordable while ensuring the financial stability of the National Flood Insurance Program. It aims to protect homeowners from excessive rate hikes and prevent lapses in coverage due to unaffordable premiums.
2023-03-10: Introduced in House
2023-03-10: Referred to the House Committee on Financial Services.
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