Repeal of Mandatory Flood Insurance for Commercial Properties
This bill aims to remove the mandatory flood insurance requirement for commercial properties in flood hazard areas. This means business owners will no longer be forced to purchase this insurance, potentially impacting their operating costs. The changes primarily redefine residential properties in the context of flood insurance.
Key points
Commercial property owners will no longer be required to purchase mandatory flood insurance.
The bill clarifies that mandatory flood insurance applies only to residential properties.
FEMA can still offer flood insurance for non-residential properties, and purchasing it remains optional.
Status:
Expired
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