US HB5961

Allows state and local governments to grant variances from flood elevation and floodproofing requirements for agricultural structures in special flood hazard zones without losing eligibility for the National Flood Insurance Program

Prohibits FEMA from suspending or placing communities on probation for granting these agricultural structure variances, provided communities maintain adequate variance criteria and enforcement mechanisms

Sets conditions for variances including: must be granted by authorized zoning officials, new construction cannot be in regulatory floodways or high-velocity wave areas, and structures cannot have more than one insurance claim over $1,000 in any 10-year period

Establishes that premium rates for agricultural structures receiving variances will be the same as if the structure had been dry floodproofed or based on comparable actuarial risk rates

Creates optional umbrella flood insurance policies for commercial, residential, multifamily, and agricultural properties with multiple structures, with FEMA required to report to Congress on implementation within 5 years