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S 721 118th Congress Senate Finance and Financial Sector

Homeowner Flood Insurance Transparency and Protection Act

Introduced: March 8, 2023 Introduced by: Hyde-Smith, Cindy Republican · Mississippi See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 8, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 8, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

Homeowner Flood Insurance Transparency and Protection Act

This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including

  • publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
  • creating an online database where policyholders can see premium rates for their property using specified calculations, and
  • publishing an assessment of the economic and social impacts of Risk Rating 2.0.
What's happening now March 8, 2023

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

 Related & companion bills 1
  • S 602 Related bill Risk Rating 2.0 Transparency Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3
R
Cassidy, Bill
Louisiana · Mar 8, 2023
 R
Cruz, Ted
Texas · Mar 8, 2023
 R
Kennedy, John
Louisiana · Mar 8, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 721: Homeowner Flood Insurance Transparency and Protection Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-721/
MLA
"S. 721: Homeowner Flood Insurance Transparency and Protection Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-721/.
Bluebook (legal)
S. 721, 118th Cong. (2026), https://openamerica.io/bill/118-S-721/.
Markdown link
[S. 721: Homeowner Flood Insurance Transparency and Protection Act](https://openamerica.io/bill/118-S-721/)
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