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Increased Flood Insurance: Coverage for Building Compliance Costs

This act expands flood insurance coverage to include costs for making buildings compliant with safety standards after a flood. Citizens can now receive greater financial support for repairs and improvements that reduce future flood risks, potentially protecting their property and personal finances.
Key points
Increases basic coverage for post-flood building compliance costs to 20% of the maximum insurance amount.
Allows for the purchase of additional coverage up to 40% of the maximum insurance amount for an extra premium.
Permits policyholders to assign claim benefits to government entities to cover their share of flood mitigation projects.
Establishes new rules for calculating premiums for this expanded coverage.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_7221
Sponsor: Rep. Rice, Tom [R-SC-7]
Process start date: 2022-03-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Increased Cost of Compliance Modernization Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7221.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-24.

What are the main provisions?

Key points include:

  • Increases basic coverage for post-flood building compliance costs to 20% of the maximum insurance amount.
  • Allows for the purchase of additional coverage up to 40% of the maximum insurance amount for an extra premium.
  • Permits policyholders to assign claim benefits to government entities to cover their share of flood mitigation projects.
  • Establishes new rules for calculating premiums for this expanded coverage.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Rice, Tom [R-SC-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

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Real Estate Benefits Environment