Section 1 Short title
This Act may be cited as the “No NFIP Subsidies for Millionaires Act”.
No NFIP Subsidies for Millionaires Act
A BILL
To prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes.
Sec. 2 Prohibition on flood insurance subsidies for single-family homes valued at over $1,000,000
Section 1307 of the National Flood Insurance Act of 1968 (42 U.S.C. 4014) is amended—
by redesignating subsection (h) as subsection (i); and
by inserting after subsection (g) the following:
“(h) Prohibition on subsidies for single-Family homes valued at over $1,000,000—The premium rate for flood insurance under this title for a property consisting of 1 residence with an assessed value, at the time of acquiring or renewing the flood insurance policy, of more than $1,000,000—
“(1) shall be based on sound actuarial principles; and
“(2) shall not be subject to any cap on the increase in the premium rate for flood insurance.”