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8000 - Miscellaneous Statutes and Regulations


TITLE XIII—NATIONAL FLOOD INSURANCE

SHORT TITLE

Sec. 1301.  This title may be cited as the "National Flood Insurance Act of 1968".

[Codified to 42 U.S.C. 4001]

[Source:  Section 1301 of title XIII of the Act of August 1, 1968 (Pub. L. No. 90--448; 82 Stat. 570), effective August 1, 1968]

NATURE AND LIMITATION OF INSURANCE COVERAGE

SEC. 1306

(b)  REGULATIONS RESPECTING AMOUNT OF COVERAGE.--In addition to any other terms and conditions under subsection (a) of this section, such regulations shall provide that--

(1)  any flood insurance coverage based on chargeable premium rates under section 4015 of this title which are less than the estimated premium rates under section 4014(a)(1) of this title shall not exceed--

(A)  in the case of residential properties--

(i)  $35,000 aggregate liability for any single-family dwelling, and $100,000 for any residential structure containing more than one dwelling unit,

(ii)  $10,000 aggregate liability per dwelling unit for any contents related to such unit, and

(iii)  in the States of Alaska and Hawaii, and in the Virgin Islands and Guam, the limits provided in clause (i) of this sentence shall be: $50,000 aggregate liability for any single-family dwelling, and $150,000 for any residential structure containing more than one dwelling unit;

(B)  in the case of business properties which are owned or leased and operated by small business concerns, an aggregate liability with respect to any single structure, including any contents thereof related to premises of small business occupants (as that term is defined by the Administrator), which shall be equal to (i) $100,000 plus (ii) $100,000 multiplied by the number of such occupants and shall be allocated among such occupants (or among the occupant or occupants and the owner) under regulations prescribed by the Administrator; except that the aggregate liability for the structure itself may in no case exceed $100,000; and

(C)  in the case of church properties and any other properties which may become eligible for flood insurance under section 1305--

(i)  $100,000 aggregate liability for any single structure, and

(ii)  $100,000 aggregate liability per unit for any contents related to such unit; and

(2)  in the case of any residential building designed for the occupancy of from 1 to 4 families for which the risk premium rate is determined in accordance with the provisions of section 4014(a)(1) of this title, additional flood insurance in excess of the limits specified in clause (i) of subparagraph (A) of paragraph (1) shall be made available, with respect to any single such building, up to an aggregate liability (including such limits specified in paragraph (1)(A)(i)) of $250,000;

(3)  in the case of any residential property for which the risk premium rate is determined in accordance with the provisions of section 4014(a)(1) of this title, additional flood insurance in excess of the limits specified in clause (ii) of subparagraph (A) of paragraph (1) shall be made available to every insured upon renewal and every applicant for insurance so as to enable any such insured or applicant to receive coverage up to a total amount (including such limits specified in paragraph (1)(A)(ii)) of $100,000;

(4)  in the case of any nonresidential building, including a church, for which the risk premium rate is determined in accordance with the provisions of section 1307(a)(1), additional flood insurance in excess of the limits specified in subparagraphs (B) and (C) of paragraph (1) shall be made available with respect to any single such building, up to an aggregate liability (including such limits specified in subparagraph (B) or (C) of paragraph (1), as applicable) of $500,000, and coverage shall be made available up to a total of $500,000 aggregate liability for contents owned by the building owner and $500,000 aggregate liability for each unit within the building for contents owned by the tenant; and

(5)  any flood insurance coverage which may be made available in excess of the limits specified in subparagraph (A), (B), or (C) of paragraph (1), shall be based only on chargeable premium rates under section 4015 of this title which are not less than the estimated premium rates under section 4014(a)(1) of this title, and the amount of such excess coverage shall not in any case exceed an amount equal to the applicable limit so specified (or allocated) under paragraph (1)(C), (2), (3), or (4), as applicable;

[Codified to 42 U.S.C. 4013]

Source:  Section 1306(b) of title XIII of the Act of August 1, 1968 (Pub. L. No. 90--448; 82 Stat. 575), effective August 1, 1968; amended by section 2(c)(2) of the Act of December 22, 1971 (Pub. L. No. 92--213; 85 Stat. 775), effective December 22, 1971; section 101 of Title I of the Act of December 31, 1973 (Pub. L. No. 93--234; 87 Stat. 977), effective December 31, 1973; section 704(a) of title VII of the Act of October 12, 1977 (Pub. L. No. 95--128; 91 Stat. 1145), effective October 12, 1977; section 451(d)(1) of title IV of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1229), effective November 30, 1983; section 527 of title V of the Act of September 23, 1994 (Pub. L. No. 103-325; 108 Stat. 2263), effective September 23, 1994]


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