Flood Elevation Reimbursement Act of 1993

Flood Elevation Reimbursement Act of 1993 - Amends the National Flood Insurance Act of 1968 to provide coverage of elevation costs for certain flood-damaged structures under the national flood insurance program, including retroactive payments.

[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 156 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 156

  To amend the National Flood Insurance Act of 1968 to provide that, 
    under the national flood insurance program, payment for a flood 
 insurance claim for substantial damage incurred by a structure shall 
include amounts for 75 percent of the costs of elevating the structure 
 to the height necessary to comply with the requirements for continued 
                       flood insurance coverage.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

 Mr. Deutsch (for himself, Ms. Ros-Lehtinen, and Ms. Meek) introduced 
the following bill; which was referred to the Committee on Banking and 
                                Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the National Flood Insurance Act of 1968 to provide that, 
    under the national flood insurance program, payment for a flood 
 insurance claim for substantial damage incurred by a structure shall 
include amounts for 75 percent of the costs of elevating the structure 
 to the height necessary to comply with the requirements for continued 
                       flood insurance coverage.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Elevation Reimbursement Act of 
1993''.

SEC. 2. COVERAGE OF COSTS OF ELEVATING STRUCTURES.

    Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4013) is amended by adding at the end the following new subsection:
    ``(d) Coverage of Elevation Costs.--Pursuant to an approved claim 
in accordance with the regulations issued to carry out this title, if 
any structure covered by a contract for flood insurance incurs damage 
or loss arising from any flood that is equal to or exceeds 50 percent 
of the value of the structure before such damage or loss, the payment 
under the flood insurance contract for such claim shall include, to the 
extent of the coverage under such contract, amounts for the costs of 
elevating such structure to the height necessary for the structure to 
be eligible for a new contract for flood insurance under this title, 
except that in no case may such amounts exceed 75 percent of such 
costs.''.

SEC. 3. APPLICABILITY.

    (a) In General.--The amendment made by section 2 shall apply to any 
damage or loss incurred on or after August 24, 1992.
    (b) Retroactive Payments.--The Director of the Federal Emergency 
Management Agency shall provide for making any additional payments 
required by such amendment under any claims for such damage that were 
approved before the date of the enactment of this Act.

                                 <all>