Sec. 204. Increased cost of compliance
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Not later than 180 days after the date of enactment of this Act, the Administrator shall amend the Standard Flood Insurance Policy to— increase the limitation on liability relating to Coverage D—Increased Cost of Compliance from $30,000 to $75,000; and provide that 50 percent of the amount described in paragraph
(1)shall be available to the insured without regard to whether making that amount available to the insured would exceed the overall policy limit of the insured. Section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ) is amended— in paragraph (3), by striking compliance with the land use and control measures. and inserting the implementation of such measures; and ; in paragraph (4), by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively, and adjusting the margins accordingly; by redesignating paragraphs
(1)through
(4)as subparagraphs
(A)through (D), respectively, and adjusting the margins accordingly; in the matter preceding subparagraph (A), as so redesignated, by striking The national and inserting the following: The national ; and by striking the flush text following paragraph (1)(D)(iv), as so redesignated, and inserting the following: The Administrator shall charge a premium on each insured of not more than $75 per policy to provide cost of compliance coverage in accordance with the provisions of this subsection. Any amount of coverage that is provided under this subsection with respect to a property is in addition to, and shall not be considered for the purposes of, any limitation on coverage that is applicable to the property under section 1306(b). .
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Sec. 204
Increased cost of compliance
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