Protecting Families and the Solvency of the National Flood Insurance Program Act of 2024

This bill creates a voluntary buyout program for properties that repeatedly flood, allowing the National Flood Insurance Program to purchase homes from owners to prevent future claims. It targets properties identified as repetitive loss or severe repetitive loss properties, or those that would file maximum coverage claims, and permits buyouts even for properties not in special flood hazard areas. The program allows buyout amounts to exceed claim amounts, with the Administrator using National Flood Insurance Fund resources to cover costs while ensuring no delay to existing claim payments. Communities with repetitive flooding issues must develop and implement flood mitigation plans, and the bill provides additional assistance for underserved and high-risk communities to address flooding problems. The goal is to reduce long-term costs to the National Flood Insurance Fund while helping families affected by repeated flooding.