WASHINGTON--Legislation calling for the phase-in of actuarial rates for flood insurance on higher-priced homes built before the National Flood Insurance Program went into effect was passed unanimously today by the House Financial Services Committee.

The bill would require any purchaser of a primary residential home costing $600,000 or higher built before the flood program went into effect to pay phased-in actuarial flood insurance prices using the same phase-in structure as that of nonresidential and nonprimary home purchasers.

Currently, NFIP home insurance rates are subsidized and below what they would be if they were actuarially sound and competitively priced based on the true risk exposure.

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