Bill > HR3161

This bill amends the National Flood Insurance Program (NFIP) to provide coverage for structures located in areas threatened by shoreline erosion and imminent collapse. Specifically, the bill allows property owners to receive financial assistance for demolition or relocation of structures that are condemned or deemed unsafe by local authorities due to shoreline erosion, bluff instability, or positioning below mean high water levels. The assistance includes up to 40% of the structure's value for initial determination and an additional 60% upon complete demolition within six months. For relocation, owners can receive up to 40% of the structure's value, not exceeding actual relocation costs. The bill caps insurance payouts at $250,000 and does not cover contents loss. To be eligible, structures must have been covered by flood insurance for at least 12 consecutive months before certification. Once a structure receives this assistance, it becomes ineligible for future flood insurance or disaster relief. The Administrator of the NFIP is tasked with developing regulations to implement these new provisions, which are designed to proactively address properties at risk of destruction from chronic erosion or exceptional water levels.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3161/all-info