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.
Status:
Expired
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