H. Rept. 115-211 1 (2017-07-11)

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                   115TH CONGRESS                                     REPORT
                      1st Session   HOUSE OF REPRESENTATIVES          115-211





                   NATIONAL FLOOD INSURANCE PROGRAM POLICYHOLDER
                                    PROTECTION ACT OF 2017



                    JULY 11, 2017.-Committed to the Committee of the Whole House on the State of
                                     the Union and ordered to be printed


                      Mr. HENSARLING, from the Committee on Financial Services,
                                       submitted the following


                                          REPORT

                                        [To accompany H.R. 2868]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 2868) to protect National Flood Insurance Program pol-
                   icyholders from unreasonable premium rates and to require the
                   Program to consider the unique characteristics of urban properties,
                   and for other purposes, having considered the same, report favor-
                   ably thereon without amendment and recommend that the bill do
                   pass.
                                       PURPOSE AND SUMMARY
                     Introduced by Representative Lee Zeldin on June 8, 2017, H.R.
                   2868, the National Flood Insurance Program Policyholder Protec-
                   tion Act of 2017, amends the National Flood Insurance Act of 1968
                   to require a maximum 1-4 residential premium of $10,000 and pro-
                   vide for mitigation credit for certain mitigation activities unique in
                   urban areas.
                               BACKGROUND AND NEED FOR LEGISLATION
                                         GENERAL OVERVIEW
                     Floods are among the most frequently occurring and costly nat-
                   ural disasters. Most declarations of federal disasters by the Federal
                   Emergency Management Agency (FEMA) are related to flooding.
                   Yet despite the frequency and severity of losses that result from
                   flooding, the private insurance market generally did not provide in-
                   surance for flooding; when it did, insurance for flood-related dam-
                      69-006

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