To establish a grace period for nonpayment of premiums for flood insurance coverage under the national flood insurance program until the Administrator of the Federal Emergency Management Agency implements the option for monthly payment of such premiums, and for other purposes.
About This Bill
Committee
Latest Action · September 19, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill creates a temporary grace period allowing flood insurance customers to skip premium payments while the Federal Emergency Management Agency sets up a monthly payment option for the National Flood Insurance Program. The grace period lasts from when the bill becomes law until 30 days after FEMA makes monthly payments available to policyholders. After the grace period ends, customers who choose monthly payments will be charged an extra monthly fee designed to gradually recover the unpaid premiums from the grace period. The legislation also prohibits FEMA from charging additional fees to customers who select monthly payments instead of paying annually, ensuring that monthly payers don't face higher overall costs than annual payers. This measure aims to make flood insurance more affordable and accessible by allowing policyholders flexibility while the government transitions to offering monthly payment plans.
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