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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.''.
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.