On Nov. 14, the U.S House of Representatives passed the 21st Century Flood Reform Act (H.R. 2874) to address the issue of the cost of repeatedly flooded properties draining the National Flood Insurance Program (NFIP), which is already in significant debt.

There are five sections to the bill: policyholder protection and information, increasing consumer choice through private market development, mapping fairness, protecting consumers and individuals through improved mitigation, and program integrity. Here are the highlights of each section:

Policyholder protections and information

This section limits annual premium increases to 15% and annual increases will be no less than 5%. Much of the NFIP's financial issues arise from inadequate premiums. The bill authorizes an affordability program to provide financial assistance to those with incomes below 150% of the poverty level for the state through a state program.