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.