H.R.156 - Flood Elevation Reimbursement Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Deutsch, Peter [D-FL-20] (Introduced 01/05/1993)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||House - 01/14/1993 Referred to the Subcommittee on Consumer Credit and Insurance. (All Actions)|
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Text: H.R.156 — 103rd Congress (1993-1994)All Information (Except Text)
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Introduced in House (01/05/1993)
[Congressional Bills 103th Congress] [From the U.S. Government Printing Office] [H.R. 156 Introduced in House (IH)] 103d CONGRESS 1st Session H. R. 156 To amend the National Flood Insurance Act of 1968 to provide that, under the national flood insurance program, payment for a flood insurance claim for substantial damage incurred by a structure shall include amounts for 75 percent of the costs of elevating the structure to the height necessary to comply with the requirements for continued flood insurance coverage. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 5, 1993 Mr. Deutsch (for himself, Ms. Ros-Lehtinen, and Ms. Meek) introduced the following bill; which was referred to the Committee on Banking and Finance _______________________________________________________________________ A BILL To amend the National Flood Insurance Act of 1968 to provide that, under the national flood insurance program, payment for a flood insurance claim for substantial damage incurred by a structure shall include amounts for 75 percent of the costs of elevating the structure to the height necessary to comply with the requirements for continued flood insurance coverage. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Flood Elevation Reimbursement Act of 1993''. SEC. 2. COVERAGE OF COSTS OF ELEVATING STRUCTURES. Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 4013) is amended by adding at the end the following new subsection: ``(d) Coverage of Elevation Costs.--Pursuant to an approved claim in accordance with the regulations issued to carry out this title, if any structure covered by a contract for flood insurance incurs damage or loss arising from any flood that is equal to or exceeds 50 percent of the value of the structure before such damage or loss, the payment under the flood insurance contract for such claim shall include, to the extent of the coverage under such contract, amounts for the costs of elevating such structure to the height necessary for the structure to be eligible for a new contract for flood insurance under this title, except that in no case may such amounts exceed 75 percent of such costs.''. SEC. 3. APPLICABILITY. (a) In General.--The amendment made by section 2 shall apply to any damage or loss incurred on or after August 24, 1992. (b) Retroactive Payments.--The Director of the Federal Emergency Management Agency shall provide for making any additional payments required by such amendment under any claims for such damage that were approved before the date of the enactment of this Act. <all>