Natural Disaster Insurance Act

Summary

Natural Disaster Insurance Act - Authorizes the Secretary of Housing and Urban Development to establish a program of Federal insurance against natural disasters, to make such insurance available to all property owners at a single national actuarial premimum rate without differentiation between types of properties or disasters involved, and to cover only those losses under this insurance program which are not compensable under any other insurance program. Provides that the maximum amount of coverage which may purchased under this program is $30,000 for any Structure, and $5,000 for contents of any separate dwelling or business unit within any structure. Provides that one-third of the premium amount due under this program shall be paid by the Secretary from appropriated funds in the form of a subsidy to the insured. Establishes a fund in the Treasury to be used by the Secretary for his operating and capital expenses under this Act. Authorizes appropriations to carry out the provisions of this Act.

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1 official file

• Introduced in House

  summary · EN · 9 April 1973

  Open at official source

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