Bill > HR5961

This bill aims to increase flood insurance availability for agricultural structures by modifying existing national flood insurance regulations. Specifically, the bill allows local and state authorities to grant variances for agricultural structures located in special flood hazard zones, even if these structures cannot be elevated or floodproofed to standard requirements. The bill defines an agricultural structure and provides detailed criteria for when such a variance can be granted, including restrictions on structure location and limits on previous insurance claims. Additionally, the bill requires that premium rates for structures with variances remain consistent with standard rates based on actuarial risk. The legislation also introduces an optional umbrella policy provision that would allow property owners with multiple structures (including agricultural, commercial, and residential properties) to purchase a single comprehensive flood insurance policy, with the option to be implemented at rates that cover the estimated risk. FEMA would be required to submit a report to Congress after five years evaluating the implementation of this new umbrella policy option. The overall goal is to provide more flexible and accessible flood insurance options for farmers and agricultural property owners while maintaining reasonable risk management standards.

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https://www.congress.gov/bill/119th-congress/house-bill/5961/all-info