H.R. 2565 — To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

Summary

(Sec. 1) This bill directs the Federal Emergency Management Agency (FEMA) to incorporate the replacement cost value of a structure insured under the National Flood Insurance Program of 1968 in its consideration of chargeable premium rates.

FEMA must conduct a study regarding risk rating redesign utilizing replacement cost and report the findings to Congress.

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Related Legislation

H.R. 287421st Century Flood Reform Act
2017-11-15Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Legislative Actions

2017-05-19
Introduced in House
2017-05-19
Introduced in House
2017-05-19
Referred to the House Committee on Financial Services.
2017-06-21
Committee Consideration and Mark-up Session Held.
2017-06-21
Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 25.
2017-07-14
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-221.
2017-07-14
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-221.
2017-07-14
Placed on the Union Calendar, Calendar No. 156.

To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

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