To amend the National Flood Insurance Act of 1968 to provide for the national flood insurance program to make available multiperil coverage for damage resulting from windstorms or floods, and for other purposes.

Summary: Multiple Peril Insurance Act of 2007 - Amends the National Flood Insurance Act of 1968 to require the national flood insurance program to enable the purchase of optional insurance against loss resulting from physical damage to or loss of real or related personal property located in the United States arising from any flood or windstorm (any hurricane, tornado, cyclone, typhoon, or other wind event).

Restricts multiperil coverage to areas (or their subdivisions) where an appropriate public body has adopted adequate land use and control measures, including effective enforcement provisions, which the Administrator of the Federal Emergency Management Agency (FEMA) finds are consistent with certain statutory criteria for land management and use relating to windstorms.

Prohibits provision of multiperil coverage to any structure (or related personal property ) covered, at any time, by flood insurance under the Act.

Prescribes the nature and terms of coverage, and actuarial rates.

Prohibits new multiperil coverage for property declared by a duly constituted governmental authority to be in violation of state or local laws, regulations, or ordinances intended to reduce windstorm damage.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Multiple Peril Insurance Act of 
2007''.

SEC. 2. FLOOD AND WINDSTORM MULTIPERIL COVERAGE.

    Section 1304 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4011) is amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) by inserting after subsection (b) the following new 
        subsection:
    ``(c) Multiperil Coverage for Damage From Flood or Windstorm.--
            ``(1) In general.--The national flood insurance program 
        established pursuant to subsection (a) shall enable the 
        purchase of optional insurance against loss resulting from 
        physical damage to or loss of real property or personal 
        property related thereto located in the United States arising 
        from any flood or windstorm, subject to the limitations in this 
        subsection and section 1306(b).
            ``(2) Community participation requirement.--Multiperil 
        coverage pursuant to this subsection may not be provided in any 
        area (or subdivision thereof) unless an appropriate public body 
        shall have adopted adequate land use and control measures (with 
        effective enforcement provisions) which the Director finds are 
        consistent with the comprehensive criteria for land management 
        and use relating to windstorms establish pursuant to section 
        1361(d)(2).
            ``(3) Prohibition against duplicative coverage.--Multiperil 
        coverage pursuant to this subsection may not be provided with 
        respect to any structure (or the personal property related 
        thereto) for any period during which such structure is covered, 
        at any time, by flood insurance coverage made available under 
        this title.
            ``(4) Nature of coverage.--Multiperil coverage pursuant to 
        this subsection shall--
                    ``(A) cover losses only from physical damage 
                resulting from flooding or windstorm; and
                    ``(B) provide for approval and payment of claims 
                under such coverage upon proof that such loss must have 
                resulted from either windstorm or flooding, but shall 
                not require for approval and payment of a claim that 
                the specific cause of the loss, whether windstorm or 
                flooding, be distinguished or identified.
            ``(5) Actuarial rates.--Multiperil coverage pursuant to 
        this subsection shall be made available for purchase for a 
        property only at chargeable risk premium rates that, based on 
        consideration of the risks involved and accepted actuarial 
        principles, and including operating costs and allowance and 
        administrative expenses, are required in order to make such 
        coverage available on an actuarial basis for the type and class 
        of properties covered.
            ``(6) Terms of coverage.--The Director shall, after 
        consultation with persons and entities referred to in section 
        1306(a), provide by regulation for the general terms and 
        conditions of insurability which shall be applicable to 
        properties eligible for multiperil coverage under this 
        subsection, subject to the provisions of this subsection, 
        including--
                    ``(A) the types, classes, and locations of any such 
                properties which shall be eligible for such coverage, 
                which shall include residential and nonresidential 
                properties;
                    ``(B) subject to paragraph (7), the nature and 
                limits of loss or damage in any areas (or subdivisions 
                thereof) which may be covered by such coverage;
                    ``(C) the classification, limitation, and rejection 
                of any risks which may be advisable;
                    ``(D) appropriate minimum premiums;
                    ``(E) appropriate loss deductibles; and
                    ``(F) any other terms and conditions relating to 
                insurance coverage or exclusion that may be necessary 
                to carry out this subsection.
            ``(7) Limitations on amount of coverage.--The regulations 
        issued pursuant to paragraph (6) shall provide that the 
        aggregate liability under multiperil coverage made available 
        under this subsection shall not exceed the lesser of the 
        replacement cost for covered losses or the following amounts, 
        as applicable:
                    ``(A) Residential structures.--In the case of 
                residential properties--
                            ``(i) for any single-family dwelling, 
                        $500,000; and
                            ``(ii) for any structure containing more 
                        than one dwelling unit, $500,000 for each 
                        separate dwelling unit in the structure; and
                            ``(iii) $150,000 per dwelling unit for--
                                    ``(I) any contents related to such 
                                unit; and
                                    ``(II) any necessary increases in 
                                living expenses incurred by the insured 
                                when losses from flooding or windstorm 
                                make the residence unfit to live in.
                    ``(B) Nonresidential properties.--In the case of 
                nonresidential properties (including church 
                properties)--
                            ``(i) $1,000,000 for any single structure; 
                        and
                            ``(ii) $750,000 for--
                                    ``(I) any contents related to such 
                                structure;
                                    ``(II) in the case of any 
                                nonresidential property that is a 
                                business property, any losses resulting 
                                from any partial or total interruption 
                                of the insured's business caused by 
                                damage to, or loss of, such property 
                                from flooding or windstorm, except that 
                                for purposes of such coverage, losses 
                                shall be determined based on the 
                                profits the covered business would have 
                                earned, based on previous financial 
                                records, had the flood or windstorm not 
                                occurred.''.

SEC. 3. PROHIBITION AGAINST DUPLICATIVE COVERAGE.

    The National Flood Insurance Act of 1968 is amended by inserting 
after section 1313 (42 U.S.C. 4020) the following new section;

               ``prohibition against duplicative coverage

    ``Sec. 1314.  Flood insurance under this title may not be provided 
with respect to any structure (or the personal property related 
thereto) for any period during which such structure is covered, at any 
time, by multiperil insurance coverage made available pursuant to 
section 1304(c).''.

SEC. 4. COMPLIANCE WITH STATE AND LOCAL LAW.

    Section 1316 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4023) is amended--
            (1) by inserting ``(a) Flood Protection Measures.--'' 
        before ``No new''; and
            (2) by adding at the end the following new subsection:
    ``(b) Windstorm Protection Measures.--No new multiperil coverage 
shall be provided under section 1304(c) for any property that the 
Director finds has been declared by a duly constituted State or local 
zoning authority, or other authorized public body to be in violation of 
State or local laws, regulations, or ordinances, which are intended to 
reduce damage caused by windstorms.''.

SEC. 5. CRITERIA FOR LAND MANAGEMENT AND USE.

    Section 1361 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4102) is amended by adding at the end the following new subsection:
    ``(d) Windstorms.--
            ``(1) Studies and investigations.--The Director shall carry 
        out studies and investigations under this section to determine 
        appropriate measures in windstorm-prone areas as to land 
        management and use, windstorm zoning, and windstorm damage 
        prevention, and may enter into contracts, agreements, and other 
        appropriate arrangements to carry out such activities. Such 
        studies and investigations shall include laws, regulations, and 
        ordinance relating to the orderly development and use of areas 
        subject to damage from windstorm risks, and zoning building 
        codes, building permits, and subdivision and other building 
        restrictions for such areas.
            ``(2) Criteria.--On the basis of the studies and 
        investigations pursuant to paragraph (1) and such other 
        information as may be appropriate, the Direct shall establish 
        comprehensive criteria designed to encourage, where necessary, 
        the adoption of adequate State and local measures which, to the 
        maximum extent feasible, will assist in reducing damage caused 
        by windstorms.
            ``(3) Coordination with state and local governments.--The 
        Director shall work closely with and provide any necessary 
        technical assistance to State, interstate, and local 
        governmental agencies, to encourage the application of criteria 
        established under paragraph (2) and the adoption and 
        enforcement of measures referred to in such paragraph .''.

SEC. 6. DEFINITIONS.

    Section 1370 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4121) is amended--
            (1) in paragraph (14), by striking ``and'' at the end;
            (2) in paragraph (15) by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(16) the term `windstorm' means any hurricane, tornado, 
        cyclone, typhoon, or other wind event.''.