S. 2251 would ensure that individual homeowners that were not previously required to purchase flood insurance that are now required to do so because of the updating of flood insurance program rate maps receive a discount for the purchase of such insurance.

== Detailed Summary ==

<summary>
(Log in to editHomeowner's Flood Insurance Protection Act of 2007 - Amends the wikiNational Flood Insurance Act of 1968 with respect to any area that: (1) previously was not designated as a special flood hazard area because it was protected by a flood protection system; and be(2) becomes so designated as a result of the firstdecertification of that flood protection system pursuant to provide a detailed summaryany updating, reviewing, or remapping of flood insurance program rate maps.

Sets the bill!)chargeable flood insurance premium rate for any property that, before enactment of this Act, was located within such an area at 50% of the chargeable risk premium rate otherwise applicable. Terminates such discount rate five years after the area's initial designation as a special flood hazard area.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 10/26/2007: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Banking, Housing, and Urban Affairs.
</status>

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== Points in Favor ==

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== Points Against ==

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