Sec. 502. Adjustments to homeowner flood insurance affordability surcharge
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Section 1308A of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015a ) is amended— in subsection (a), by striking the first sentence and inserting the following: The Administrator shall impose and collect a non-refundable annual surcharge, in the amount provided in subsection (b), on all policies for flood insurance coverage under the National Flood Insurance Program that are newly issued or renewed after the date of the enactment of this section. ; and by striking subsection
(b)and inserting the following new subsection: The amount of the surcharge under subsection
(a)shall be $40, except as follows: The amount of the surcharge under subsection
(a)shall be $125 in the case of in the case of a policy for any property that is— a residential property that is not the primary residence of an individual, and eligible for preferred risk rate method premiums. The amount of the surcharge under subsection
(a)shall be $275 in case of in the case of a policy for any property that is— a non-residential property; or a residential property that is— not the primary residence of an individual; and not eligible for preferred risk rate method premiums. . The amendment made by subsection
(a)shall apply with respect to policies for flood insurance coverage under the National Flood Insurance Act of 1968 that are newly issued or renewed after the expiration of the 12-month period beginning on the date of the enactment of this Act.
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Sec. 502
Adjustments to homeowner flood insurance affordability surcharge
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