This bill extends and reforms the National Flood Insurance Program (NFIP), which is the federal program that provides flood insurance to property owners. The program was set to expire in 2023, and this bill extends it through 2030, ensuring that homeowners can continue to get flood insurance coverage.

One of the biggest changes is a price cap on flood insurance premiums. For the next five years, insurance companies can only raise premiums by a maximum of 9% per year. This is meant to protect homeowners from sudden, dramatic increases in their flood insurance costs. However, once your property's insurance costs reach what's considered the "true" risk-based price, this cap no longer applies.

The bill creates a new assistance program for lower-income homeowners. If you earn no more than 140% of your area's median income, you may qualify for discounts on your flood insurance premiums. The government will set aside between $250 million and $600 million per year (depending on the year) to help eligible homeowners afford coverage. The bill also allows the government to continue helping people pay for flood mitigation improvements—like elevating homes or installing flood barriers—which can reduce future damage.

Additionally, the bill makes some technical changes to expand who can buy flood insurance (including cooperative building owners), studies whether the program should offer business interruption coverage for flood-related business losses, and requires studies on how to get more properties insured and what the long-term impacts of recent pricing changes will be on communities and property values.