US HB3161

Amends the National Flood Insurance Act of 1968 to add erosion coverage for structures along shorelines of lakes or other bodies of water that are condemned or deemed unsafe due to imminent collapse or subsidence from shoreline erosion

Provides payment for demolition in two phases: 40% of structure value upon final determination, then remaining 60% (or actual demolition cost, whichever is less) after demolition is completed within 6 months

Allows up to 40% of structure value for relocation costs if the owner chooses to move the structure prior to collapse, capped at actual relocation expenses

Limits maximum erosion claim payments to $250,000 or the coverage amount under the flood insurance contract, whichever is less, and excludes coverage for contents

Terminates future flood insurance and disaster relief eligibility for any structure or parcel that receives payment under this erosion coverage provision