Grace period for renewal of coverage at renewal offer rate

Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015) is amended by adding at the end the following: (n) Grace period for renewal of coverage at renewal offer rate Notwithstanding section 1307(g)(1), if a policyholder renews a policy for flood insurance under this title not later than 90 days after the date on which the policy lapsed in coverage, the Administrator shall charge the same rate for the policy that the Administrator would have charged if the policyholder had renewed the policy before the lapse in coverage..