NC S468

Increases State Property Fire Insurance Fund coverage from 50% to 75% of state property value, with annual 2% adjustments to property valuations for adequate coverage levels.

Renames "State Property Fire Insurance Fund" to "State Property Insurance Fund" to reflect expanded coverage beyond fire to include other perils and property risks.

Changes extended coverage insurance from optional (upon request) to mandatory for all state departments, agencies, and institutions, with coverages including fire, lightning, windstorm, hail, explosion, riot, civil commotion, vandalism, water damage, aircraft, vehicles, and smoke.

Establishes new flood insurance requirement for state-owned properties located in Federal Emergency Management Agency-identified flood zones, with premiums paid by requesting agencies.

Effective date is March 31, 2021.