The Community Flood Resilience Act allows communities and states that receive federal flood mitigation grants to use up to 15 percent of those funds annually to purchase community-based parametric flood insurance from private insurers. Parametric flood insurance pays out automatically when objective, predetermined conditions (like specific water levels) are met, without requiring damage assessments, making payouts faster than traditional insurance. The bill aims to help communities with low participation in the federal National Flood Insurance Program reduce their reliance on post-disaster federal assistance while raising awareness about flood risks and insurance options. Communities using these funds must report annually on their efforts to promote flood insurance enrollment and education. The program runs for five years from enactment, with FEMA required to submit progress reports to Congress at years one, three, and five to evaluate whether the approach increases flood insurance participation and improves community resilience.
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