Preventing Environmental Hazards Act of 2024

This bill expands federal flood insurance coverage to help homeowners demolish or relocate structures threatened by shoreline erosion. It requires the flood insurance program to pay up to 40% of a structure's value upfront for demolition or relocation, with an additional 60% upon completion (capped at $250,000 total per claim), excluding damage to contents. Coverage applies only to properties already insured under flood insurance for at least 12 months before the bill's enactment, and terminates future flood insurance for the same property after a qualifying claim. The bill specifically targets properties deemed unsafe due to erosion, subsidence, or being over water, bluff, or escarpment by state/local authorities.