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H.R. 1929 (115th): Empowering Homeowners to Mitigate Flood Damage Act of 2017

The text of the bill below is as of Apr 5, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 1929

IN THE HOUSE OF REPRESENTATIVES

April 5, 2017

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.

1.

Short title

This Act may be cited as the Empowering Homeowners to Mitigate Flood Damage Act of 2017.

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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