The bill mandates the use of replacement cost value to calculate premium rates for flood insurance under the National Flood Insurance Act. This change aims to ensure more accurate and fair pricing for flood insurance coverage. By using replacement cost value, policyholders may receive better coverage that reflects the actual costs of rebuilding or repairing their properties after a flood.
2023-03-01: Introduced in House
2023-03-01: Referred to the House Committee on Financial Services.
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