“To increase the availability of flood insurance for agricultural structures, and for other purposes.”
No CRS summary available for this bill.
This section amends the National Flood Insurance Act of 1968 to (1) authorize state and local zoning authorities to grant variances from National Flood Insurance Program (NFIP) elevation or floodproofing requirements for agricultural structures (i.e., as defined in section 1315(a)(2)(D)) in special flood hazard areas, provided specified criteria are met—including that elevation or floodproofing is impracticable, the structure is not in a regulatory floodway or high-velocity wave action area, the variance creates no increased flood heights or public safety threats, and no more than one flood insurance claim exceeding $1,000 has been paid on the structure in any prior 10-year period—and prohibits FEMA from suspending or probating community NFIP eligibility solely for granting such variances; and (2) require chargeable premium rates for coverage of structures receiving such variances to equal the full actuarial rate that would apply if the structure were dry floodproofed (or a comparable rate based on risks for structures in the applicable flood zone). (Thus, agricultural structures may forgo elevation or floodproofing while paying full-risk premiums, supporting NFIP eligibility for communities with farmland in floodplains.)
This section authorizes the FEMA Administrator, through National Flood Insurance Program (NFIP) regulations, to offer optional umbrella flood insurance policies at full-risk premium rates (i.e., not less than estimated rates under 42 U.S.C. 4014(a)(1)) for commercial properties and other residential properties—including multifamily rental property and agricultural property—to insureds upon renewal and applicants with multiple structures on the same property. (Thus, such coverage may exceed existing NFIP limits applicable to subsidized policies.) The section also requires the Administrator to submit to Congress, not later than five years after enactment, a report evaluating implementation of this authority.