S 2831
Flood Insurance Flexibility Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Flood Insurance Flexibility Act, changes how the National Flood Insurance Program (NFIP) handles policy cancellations. It allows homeowners who cancel their NFIP flood insurance policy to receive a refund of a portion of their premiums if they subsequently purchase flood insurance coverage from another provider. The bill aims to provide more flexibility for policyholders and reduce potential financial burdens when switching to alternative coverage. It establishes a process for determining the refund amount based on the duration of the NFIP coverage.
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