HR 3370 Homeowner Flood Insurance Affordability Act of 2014 – Surcharge

One final point for today, a lot more to digest, but this finishes the critical first portion of it, much of what is left deals with studies that need to be conducted. The act seeks to minimize the budget impacts of this delay in full implementation of full risk based insurance premiums for the National Flood Insurance Program.  To minimize this impact every policy will be issued a surcharge. The surcharge is set at:

“(1) $25, except as provided in paragraph (2); and

“(2) $250, in the case of a policy for any property that is—

“(A) a non-residential property; or

“(B) a residential property that is not the primary residence of an individual.”

 

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