Increased Flood Insurance: Coverage for Building Compliance Costs
This act increases the amounts you can receive from flood insurance to cover the costs of making your home compliant with flood regulations. This means if your home is damaged by a flood, you could get more money to rebuild or modify it to be safer. You can also assign these funds to flood mitigation projects.
Key points
Increases basic flood insurance coverage for building compliance to 20% of the maximum allowable coverage.
Allows policyholders to purchase additional coverage up to 40% of the maximum for an extra premium.
Enables assigning insurance benefits to a governmental entity to help cover your share of flood mitigation project costs.
Expired
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