National Flood Insurance Reform Act of 1994.

RIEGLE COMMUNITY DEVELOPMENT ACT

Subtitle F - Miscellaneous Provisions

573. Maximum Flood Insurance Coverage Amounts

(a) IN GENERAL.-- Section 1306(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended as follows:

(1) RESIDENTIAL PROPERTY.-- In paragraph (2), by striking “an amount of $150,000 under the provisions of this clause” and inserting the following: “a total amount (including such limits specified in paragraph (1)(A)(i)) of $250,000”.

(2) RESIDENTIAL PROPERTY CONTENTS.-- In paragraph (3), by striking “an amount of $50,000 under the provisions of this clause” and inserting the following: “a total amount (including such limits specified in paragraph (1)(A)(ii)) of $100,000”.

(3) NONRESIDENTIAL PROPERTY AND CONTENTS.--By striking paragraph (4) and inserting the following new paragraph:

“(4) in the case of any nonresidential property, including churches, 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 to every insured upon renewal and every applicant for insurance, in respect to any single structure, up to a total amount (including such limit specified in subparagraph (B) or (C) of paragraph (1), as applicable) of $500,000 for each structure and $500,000 for any contents related to each structure; and”.

(b) REMOVAL OF CEILING ON COVERAGE REQUIRED.-- Section 1306(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended-

(1) in paragraph (5), by striking “; and” at the end and inserting a period; and

(2) by striking paragraph (6).