Sec 555 Additional Coverage For Compliance With Land Use & Control (42 USCA & 4011)

SEC. 555. ADDITIONAL COVERAGE FOR COMPLIANCE WITH LAND USE AND CONTROL
MEASURES.

< < 42 USCA

5 4011 >7

(a) I N GENERAL.--Section 1304 of t h e National Flood Insurance Act of 1968 (42 U.S.C. 4011)
i s amended-(1) b y redesignating subsection (b) as subsection (c); and
(2) b y inserting after subsection (a) the followlng new subsection:
"(b) ADDITIONAL COVERAGE FOR COMPLIANCE WITH LAND USE AND CONTROL MEASURES.-The national flood insurance program establlshed pursuant to subsection (a) shall enable the
purchase of insurance t o cover the cost of compliance with land use and control measures
established under section 1 3 6 1 for-"(1) properties t h a t are repetitive loss structures;
"(2) propertles that have flood damage in whlch t h e cost o f repairs equals o r exceeds 50
percent o f the value o f the structure at t h e t i m e o f the flood.event; and
"(3) properties that have sustained flood damage on multiple occasions, if t h e Director
determines t h a t i t is cost-effective and in the best interests of the National Flood Insurance
Fund to require compliance with the land use and control measures.
The Director shall impose a surcharge on each insured of n o t more than $75 per policy t o
provide cost o f compliance coverage in accordance with t h e provisions of this subsection.".

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5 4011 NOTE > >

(b) APPLICABILITY.--The provisions of subsection ( a ) shall apply only t o properties that sustain
flood-related damage after the date o f enactment o f this Act.