Community Flood Insurance Pilot: Single Policy for All Residential Properties.
This Act establishes a pilot program allowing local governments to purchase a single, community-wide flood insurance policy covering all residential properties. For citizens, participation by their community means the collective policy satisfies mandatory federal flood insurance requirements, potentially simplifying compliance and altering individual insurance costs. Community participation is voluntary.
Key points
FEMA must create a pilot program offering voluntary community-wide flood insurance policies.
These policies cover all residential properties and satisfy mandatory federal flood insurance purchase rules.
Participating communities are encouraged to partner with private insurers to transfer risk.
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