Disaster Insurance Act

[AI summary unavailable — showing source text] Disaster Insurance Act - States that it is the purpose of this Act to assure the widest possible provision of adequate insurance coverage against catastrophic losses resulting from disasters by requiring such coverage in the case of residential housing and small businesses receiving Federal assistance, by encouraging the purchase of such coverage by property owners in all other cases, and by creating a new federally chartered quasi-public entity to assist the private insurance industry, through risk-sharing reinsurance and otherwise, in making such coverage available on the widest possible basis and facilitating its provision and administration. Requires that no officer or agency of the United States shall make or enter into a contract or commitment to make any grant or loan, or provide or enter into a contract or commitment to provide assistance in the form of mortgage insurance or loan guaranty or in any other form, to aid in the purchase, construction, rehabilitation, or maintenance or residential real property which is designed principally for the occupancy of from one to four families or of nonresidential property which is owned or leased and operated by one or more small busi…