Sec. 12. Optional high-deductible policies for residential properties
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Section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013 )), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new subsection: In the case of residential properties, the Administrator shall make flood insurance coverage available, at the option of the insured, that provides for a loss-deductible for damage to the covered property in various amounts, up to and including $10,000. The Administrator shall provide the information described in subparagraph
(B)clearly and conspicuously on the application form for flood insurance coverage or on a separate form, segregated from all unrelated information and other required disclosures. The information described in this subparagraph is— information sufficient to inform the applicant of the availability of the coverage option required by paragraph
(1)to applicants for flood insurance coverage; and a statement explaining the effect of a loss-deductible and that, in the event of an insured loss, the insured is responsible out-of-pocket for losses to the extent of the deductible selected. .
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Sec. 12
Optional high-deductible policies for residential properties
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