SEC. 2. LIMITATION ON ELEVATION REQUIREMENTS FOR
FLOOD-DAMAGED STRUCTURES UNDER LAND
MANAGEMENT AND USE CRITERIA.
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) Notwithstanding any other provision of this title,
the criteria established under this section may require the
adoption of a State or local measure that requires a struc-
ture sustaining damage caused by floods to be elevated
to or above the level of the 100-year frequency flood only
if the measure applies only to structures sustaining dam-
age for which the cost of repairing the structure to its
condition before such damage would equal or exceed 75
percent of the value of the structure before the damage
occurred.’’.
SEC. 
3. 
MAXIMUM 
FLOOD 
INSURANCE 
COVERAGE
AMOUNTS.
(a) 
MAXIMUM
COVERAGE
AMOUNTS.—Section
1306(b) of the National Flood Insurance Act of 1968 (42
U.S.C. 4013(b)) is amended as follows:
(1) RESIDENTIAL PROPERTIES.—In paragraph
(2), by striking ‘‘so as to enable’’ and all that fol-
lows through the end of the paragraph and inserting
‘‘up to an amount (including the limits specified in
paragraph (1)(A)(i)) of $250,000 multiplied by the
number of dwelling units in the building;’’.
(2) 
CONTENTS
OF
RESIDENTIAL
PROP-
ERTIES.—In paragraph (3), by striking ‘‘so as to en-
able’’ and all that follows through the end of the
paragraph and inserting ‘‘up to an amount (includ-
ing the limits specified in paragraph (1)(A)(ii)) of
$100,000 
for 
any 
single-family 
dwelling 
and
$250,000 for any residential structure containing
more than one dwelling unit;’’.
(3) NONRESIDENTIAL PROPERTIES.—By strik-
ing 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 ex-
cess 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 up to an amount (including the limits
specified in subparagraphs (B) and (C) of paragraph
(1)) 
of 
$2,500,000 
for 
each 
structure 
and
$1,000,000 for any contents related to each struc-
ture; and’’.
(b) ELIMINATION OF CEILING ON REQUIRED COV-
ERAGE AMOUNT.—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).
SEC. 4. EFFECTIVE DATE OF FLOOD INSURANCE POLICIES.
Section 1306 of the National Flood Insurance Act of
1968 (42 U.S.C. 4013) is amended by adding at the end
the following new subsection:
‘‘(d) EFFECTIVE DATE OF FLOOD INSURANCE POLI-
CIES.—Notwithstanding any law, regulation, or provision
of a contract for flood insurance coverage under this title
relating to the time of the effectiveness of such contract,
the Director shall provide that a new contract for flood
insurance coverage (or any modification of a contract for
flood insurance coverage) entered into on or after July 15,
1993, shall be considered to have taken effect upon the
satisfactory completion of the application for such cov-
erage, payment of any initial premiums owed, and the ful-
fillment of any other obligations for such coverage, but
only if the insured under the contract demonstrates to the
satisfaction of the Director that the insured would have
entered into (or increased coverage under) a flood insur-
ance contract under this title earlier than the time of such
fulfillment of obligations but for erroneous information
provided to such person by officers or employees of the
Federal Emergency Management Agency.’’.
Æ