The Preventing Environmental Hazards Act of 2024 expands the National Flood Insurance Program to cover damage from shoreline erosion and collapse for properties located along lakes and other bodies of water. Under the bill, property owners whose homes are condemned or deemed unsafe due to erosion or subsidence can receive insurance payments to either demolish or relocate their structures, with demolition payments up to 40 percent of the structure's value initially and up to 60 percent after completion, or relocation payments up to 40 percent of the structure's value. The maximum insurance payout is capped at $250,000 per claim, and the coverage only applies to structures that have been continuously insured under the flood insurance program for at least 4 years or for 12 months within the year before the bill's enactment. Once a property receives assistance under this program, no additional flood insurance or disaster relief can be purchased for that structure or any rebuilding on the same land, effectively preventing repeated claims on vulnerable properties.