Sec. 201. ICC expansion
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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 $100,000. Section 1304(b) 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 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 ; in paragraph (1), as so designated— in subparagraph (A), as so redesignated, by inserting , without regard to whether the property is in an area having special flood hazards after loss structures ; in subparagraph (C), as so redesignated, by striking the period at the end and inserting ; and ; and in subparagraph (D), as so redesignated— in the matter preceding clause (ii), as so redesignated, by inserting subject to paragraph (2), before properties for which ; in clause (iii), as so redesignated, by striking and at the end; in clause (iv), as so redesignated, by striking the period at the end and inserting ; and ; and by adding at the end the following: a property outside an area having special flood hazards if the community, under section 1361, has established land use and control measures for the area in which the property is located. ; in the flush text following paragraph (1)(D)(v), as added by subparagraph
(D)of this paragraph, by striking The Administrator and inserting the following: The Administrator ; and by inserting after paragraph (1), as so designated by subparagraph
(A)of this paragraph, the following: The Administrator shall allow a policyholder to use insurance purchased under this subsection for any eligible project costs under a program described in clause (i), (ii), or
(iii)of paragraph (1)(D) of an acquisition, demolition, elevation, relocation, or small structural project funded under that program, including— asbestos remediation; the demolition of a driveway or sidewalk when a structure is acquired; and the addition of a lift, ramp, or other device that is necessary for a homeowner or occupant with a physical limitation or disability to safely access a home that has been elevated. . Congress finds that, although section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), as in effect on the day before the date of enactment of this Act, requires the Administrator to offer increased cost of compliance (commonly known as ICC ) coverage to each type of property described in paragraphs
(1)through
(4)of that section, the Administrator has implemented that section by effectively only offering ICC coverage to properties described in paragraph
(2)of that section. Nothing in section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), as amended by paragraph (1), shall be construed to permit the Administrator to choose which types of properties described in paragraphs
(1)through
(5)of such section 1304(b) should be eligible for ICC insurance rather than offering ICC insurance to all such types of properties as required under such section 1304(b).
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