Sec. 2. Increased cost of compliance coverage
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Subsection
(b)of section 1304 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ) is amended— in paragraph (4), by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively, and realigning such clauses, as so redesignated, so as to be indented 6 ems from the left margin; by redesignating paragraphs
(1)through
(4)as subparagraphs
(A)through (D), respectively, and realigning such subparagraphs, as so redesignated, so as to be indented 4 ems from the left margin; by striking the subsection designation and all that follows through The national and inserting the following: The national ; in subparagraph
(C)(as so redesignated by paragraph
(2)of this subsection), by striking Fund and all that follows and inserting Fund to require the implementation of such measures; ; in subparagraph (D)(iv) (as so redesignated by paragraphs
(1)and
(2)of this subsection), by striking the period at the end and inserting a semicolon; and by adding at the end the following new subparagraphs: properties that have been identified by the Administrator, or by a community in accordance with such requirements as the Administrator shall establish, as at a high risk of future flood damage; and properties that are located within an area identified pursuant to section 1361(e)(1)(A) ( 42 U.S.C. 4102(e)(1)(A) ) by a covered community (as such term is defined in paragraph
(3)of such section 1361(e)). . Section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ) is amended— in paragraph
(1)(as so designated by subsection (a)(3) of this section), by striking the last sentence (relating to a surcharge); and by adding at the end the following new paragraph: Each policy for flood insurance coverage made available under this title shall provide coverage under this subsection having an aggregate liability for any single property of $30,000. The Administrator shall make additional coverage available under this subsection, in excess of the limit specified in subparagraph (A), having an aggregate liability for any single property of up to $60,000. . Subsection
(b)of section 1304 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), as amended by the preceding provisions of this section, is further amended by adding at the end the following new paragraph: The Administrator shall impose a surcharge on each insured of such amount per policy as the Administrator determines is appropriate to provide cost of compliance coverage in accordance with paragraph (2)(A). For each flood policy for flood insurance coverage under this title under which additional cost of compliance coverage is provided pursuant to paragraph (2)(B), the Administrator shall impose a surcharge, in addition to the surcharge under subparagraph
(A)of this paragraph, in such amount as the Administrator determines is appropriate for the amount of such coverage provided. . Subsection
(b)of section 1304 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), as amended by the preceding provisions of this section, is further amended by adding at the end the following new paragraph: The Administrator shall require that any measures implemented using amounts made available from coverage provided pursuant to this subsection be carried out using materials, identified by the Administrator, that minimize the impact of flooding on the usability of the covered property and reduce the duration that flooding renders the property unusable or uninhabitable. . Subsection
(b)of section 1304 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), as amended by the preceding provisions of this section, is further amended by adding at the end the following new paragraph: The Administrator may require, as a condition of providing cost of compliance coverage under this subsection for a property, that the owner of the property enter into such binding agreements as the Administrator considers necessary to ensure that the owner of the property (and any subsequent owners) will maintain flood insurance coverage under this title for the property in such amount, and at all times during a period having such duration, as the Administrator considers appropriate to carry out the purposes of this subsection. .
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