NFIP Underwater Properties Act

“1326. Extreme repetitive loss structures

“(a) Definition—In this section, the term extreme repetitive loss structure means a structure that—

“(1) is covered under a contract for flood insurance made available under this title; and

“(2) has incurred flood-related damage for which, during a 10-year period, not fewer than 2 separate claims payments have been made under flood insurance coverage under this title, with the cumulative amount of such claims exceeding 120 percent of the assessed value of the structure, as of the date on which the first such claim payment is made.

“(b) Treatment of structures—Notwithstanding any other provision of this title, if, after the date on which a structure qualifies as an extreme repetitive loss structure, the structure incurs flood-related damage for which a claim under flood insurance coverage under this title is filed with the Administrator—

“(1) the Administrator shall assess the claim in accordance with the requirements of this title and any other applicable provision of law or regulation; and

“(2) after resolution of the claim—

“(A) the Administrator shall prescribe a chargeable risk premium rate with respect to the structure that represents an actuarially sound rate; and

“(B) the rate described in subparagraph (A) shall not be subject to the limitation under section 1308(e)(1), unless—

“(i) the Administrator—

“(I) performs an examination of the structure; and

“(II) determines that the structure is not located in an area having special flood hazards; or

“(ii) the most recent flood insurance rate map published by the Administrator does not indicate that the structure is located in an area having special flood hazards.”