Flood Insurance: Protecting Homes from Coastal Erosion Risks
New rules expand the flood insurance program to cover homes at risk of collapse or subsidence due to shoreline erosion. Homeowners can receive funds for demolition or relocation of endangered properties, helping to protect their assets and safety.
Key points
Expanded Flood Insurance: Coverage now includes damages from shoreline erosion, such as collapse or subsidence.
Financial Aid for Demolition or Relocation: Owners of homes deemed unsafe due to erosion can receive up to 40% of the structure's value for relocation, or 40% for demolition initially, with the remaining 60% upon completion.
Payment Limits: Maximum payout is $250,000 or the policy's coverage amount, whichever is less. Coverage does not include loss of contents.
Eligibility Requirements: To qualify, a home must have been covered by flood insurance for at least 12 months before the act's enactment or 4 continuous years prior to being certified as at risk.
No Subsequent Coverage: After receiving a claim for demolition or relocation, the same structure or another on the same land parcel will not be eligible for future flood insurance or disaster assistance.
Status:
Introduced
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