Empowering Homeowners to Mitigate Flood Damage Act of 2017

Empowering Homeowners to Mitigate Flood Damage Act of 2017

This bill amends the National Flood Insurance Act of 1968 to increase the amount of coverage available under the National Flood Insurance Program's (NFIP's) Increased Cost of Compliance program. The program insures the cost of mitigating future flood damage to an NFIP-insured structure that has been substantially or repetitively damaged by floods.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1929 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1929

To increase the maximum amount of increased cost of compliance coverage 
  available under the National Flood Insurance Program, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 5, 2017

  Mr. Crist introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To increase the maximum amount of increased cost of compliance coverage 
  available under the National Flood Insurance Program, and for other 
                               purposes.

    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 ``Empowering Homeowners to Mitigate 
Flood Damage Act of 2017''.

SEC. 2. INCREASED COST OF COMPLIANCE COVERAGE.

    Section 1304(b) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4011(b)) is amended--
            (1) in paragraph (4), by redesignating subparagraphs (A) 
        through (D) as clauses (i) through (iv), respectively;
            (2) by redesignating paragraphs (1) through (4) as 
        subparagraphs (A) through (D), respectively;
            (3) by inserting before ``The national flood insurance 
        program'' the following: ``(1) In general.--'';
            (4) by striking ``The Administrator'' and inserting the 
        following:
    ``(2) Premium.--The Administrator''; and
            (5) by adding at the end the following new paragraphs:
    ``(3) Amount of Coverage.--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.
    ``(4) Treatment of Coverage Limits.--Any amount of coverage for a 
property provided pursuant to this subsection shall not be considered 
or counted for purposes of any limitation on coverage applicable to 
such property under section 1306(b) (42 U.S.C. 4013(b)).''.
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