This measure adds coverage under the National Flood Insurance Program for some buildings on land next to lakes or other water when a state or local authority condemns the building as unsafe because of shoreline erosion, imminent collapse, or subsidence. If the Administrator confirms the claim meets new rules, the program can pay for proper demolition or to help relocate the building.
Key payment rules in the measure: the program would pay 40% of a structure's value after final determination, and if the owner demolishes the structure within 6 months the program would pay the remaining 60% or the actual demolition cost, whichever is less. If the owner chooses relocation, the program can pay up to 40% of the structure's value before collapse, not to exceed the actual cost. The structure's value is the lowest of a comparable fair market value, the purchase price adjusted for inflation, or the value under the insurance contract. Payments exclude contents and are capped by the policy amount or $250,000, whichever is less.
The measure applies to flood insurance contracts in effect on or after enactment but limits eligibility based on how long the structure has been insured (either 12 months before enactment or 4 continuous years before certification). Once a final determination is made for a structure, no further flood coverage or most disaster assistance is available for that structure or for another structure on the remaining parcel. The Administrator must write regulations to implement these rules.
No publicly available information.
No publicly available information.