Community Flood Coverage Savings Act

The Administrator of the Federal Emergency Management Agency shall establish a community-based flood insurance pilot program to make available, for purchase by participating communities, a single, community-wide flood insurance policy under the National Flood Insurance Program that—

(1) covers all residential properties within the community; and

(2) satisfies, for all such properties within the community, the mandatory purchase requirements under section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a).

The Administrator shall ensure that a community-wide flood insurance policy made available under the pilot program under this section incorporates the following requirements:

(1) A mapping and eligibility requirement for properties to be covered by the policy.

(2) A method of preventing redundant claims payments by the National Flood Insurance Program in the case of a claim by an individual property owner who is covered by a community-wide flood insurance policy and an individual policy obtained through the Program.

(3) A path for sustained existence beyond the duration of the pilot program under this section is desired by a participating community.

Any community that chooses to participate in the pilot program shall, to the greatest extent practicable, partner with private insurers, reinsurers, capital market participants, and other participants in the risk transfer market to transfer a portion of the insurance risk related to participate in the pilot program under this section.

Participation by a community in the pilot program under this section shall be entirely voluntary on the part of the community.

Any community that chooses to participate in the pilot program under this section may use amounts provided under the flood mitigation assistance grant program for costs associated with implementing a community-based insurance policy.

The Administrator shall establish the pilot program under this section not later than the expiration of the 360-day period beginning on the date of the enactment of this Act and the program shall terminate on the date that is 2 years after the date of the enactment of this section.

In this section:

The term Administrator means the Administrator of the Federal Emergency Management Agency.

The term community means any unit of local government, within the meaning given such term under the laws of the applicable State.