Sec. 103. Increased cost of compliance
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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 a semicolon; in subparagraph (D), as so redesignated— in the matter preceding clause (i), as so redesignated, by inserting subject to paragraph (2), before properties for which ; and 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. ; and by striking the flush text following paragraph (1)(E), as added by paragraph (4)(D) of this subsection, and inserting 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. The Administrator shall impose a surcharge on each insured of an amount per policy that the Administrator determines is appropriate in order to provide cost of compliance coverage in accordance with paragraph (4)(A). For each policy for flood insurance made available under this title with respect to which enhanced coverage is provided under paragraph (4)(B), the Administrator shall impose a surcharge, in addition to the surcharge imposed under subparagraph (A), in an amount that the Administrator determines appropriate. 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 $60,000. Notwithstanding the limitation under subparagraph (A), the Administrator shall provide, upon request by a policyholder, enhanced coverage under this subsection having an aggregate liability for any single property in an amount that is not more than $100,000. The purchase of insurance under this subsection with respect to a property shall not be counted for the purposes of any limitation on coverage with respect to that property under section 1306(b). . Not later than 1 year after the date of enactment of this Act, the Administrator shall amend the Standard Flood Insurance Policy set forth in appendix A to part 61 of title 44, Code of Federal Regulations, to conform the item relating to Coverage D—Increased Cost of Compliance to the coverage limitations described in subparagraphs
(A)and
(B)of section 1304(b)(4) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b)(4) ), as added by subsection (a)(5) of this section.
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Sec. 103
Increased cost of compliance
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