S. 1075 113th Congress Senate

SHORE Act of 2013

Official title: A bill to extend the phase-in of actuarial rates for flood insurance for certain properties under the Biggert-Waters Flood Insurance Reform Act of 2012.

Introduced: August 1, 2013 See on congress.gov

Emergency Management Disaster relief and insuranceFloods and storm protection

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 23, 2013

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

May 23, 2013

Introduced in Senate

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Latest action May 23, 2013

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Plain-English summary Congressional Research Service

Saving Homeowners from Onerous Rate Escalations Act of 2013 or SHORE Act of 2013 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to phase in, over an eight-year period, any increase in the flood insurance risk premium rate caused by the prohibition against extending subsidies to new or lapsed policies.

Extends from a 5-year to a 10-year period the phase-in period for premium adjustment increases in the flood insurance risk rate. Prescribes a phase-in rate of: (1) 5% for each of the first 5 years after the effective date of an update, and 15% for each of the 5 ensuing years; and (2) 5% for each of the first 5 years following the effective date of designation as a special flood area of any area not previously so designated, and 15% for each of the 5 ensuing years.

Bill text 1 version