Flood and Agriculture Risk Management Cost Reduction Act of 2017
This bill amends the National Flood Insurance Act of 1968 to allow, under the National Flood Insurance Program, certain local variances with respect to agricultural structures located in special flood-hazard zones. The chargeable premium rate for coverage with respect to a structure that is provided such a variance shall be the same as would otherwise apply if the structure had been dry flood-proofed.
If a community applies to the Federal Emergency Management Agency (FEMA) for the remapping of a levee-impacted area in which the pertinent levee system fails to meet specified minimum standards for accreditation on a flood-insurance rate map: (1) FEMA must establish, on an alternative map, a flood-risk zone for the area; and (2) flood insurance shall be made available, at specified risk-based rates, to properties located within the zone.
FEMA shall carry out a pilot program that provides for the sale of contracts for flood-insurance coverage, under the National Flood Insurance Program, for multiple nonresidential agricultural structures under a single policy.