To increase maximum coverage limits.

SA 4722. Mr. VITTER (for himself and Ms. Landrieu) proposed an
amendment to amendment SA 4707 proposed by Mr. Dodd (for himself and
Mr. Shelby) to the bill S. 2284, to amend the National Flood Insurance
Act of 1968, to restore the financial solvency of the flood insurance
fund, and for other purposes, as follows:

At the appropriate place, insert the following:

SEC. 33. MAXIMUM COVERAGE LIMITS.

Subsection (b) of section 1306 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended--
(1) in paragraph (2), by striking ``$250,000'' and
inserting ``$335,000'';
(2) in paragraph (3), by striking ``$100,000'' and
inserting ``$135,000''; and
(3) in paragraph (4)--
(A) by striking ``$500,000'' each place such term appears
and inserting ``$670,000''; and
(B) by inserting before ``; and'' the following: ``; except
that, in the case of any nonresidential property that is a
structure containing more than one dwelling unit that is made
available for occupancy by rental (notwithstanding the
provisions applicable to the determination of the risk
premium rate for such property), additional flood insurance
in excess of such limits shall be made available to every
insured upon renewal and every applicant for insurance so as
to enable any such insured or applicant to receive coverage
up to a total amount that is equal to the product of the
total number of such rental dwelling units in such property
and the maximum coverage limit per dwelling unit specified in
paragraph (2); except that in the case of any such multi-
unit, nonresidential rental property that is a pre-FIRM
structure (as such term is defined in section 578(b) of the
National Flood Insurance Reform Act of 1994 (42 U.S.C. 4014
note)), the risk premium rate for the first $500,000 of
coverage shall be determined in accordance with section
1307(a)(2) and the risk premium rate for any coverage in
excess of such amount shall be determined in accordance with
section 1307(a)(1)''.
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