Section 1 Short title
This Act may be cited as the “Empowering Homeowners to Mitigate Flood Damage Act of 2017”.
Empowering Homeowners to Mitigate Flood Damage Act of 2017
A BILL
To increase the maximum amount of increased cost of compliance coverage available under the National Flood Insurance Program, and for other purposes.
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—
in paragraph (4), by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively;
by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively;
by inserting before “The national flood insurance program” the following: “(1) In general.—”;
by striking “The Administrator” and inserting the following:
“(2) Premium—The Administrator”
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)).”