Federal Disaster Insurance Act

[AI summary unavailable — showing source text] Federal Disaster Insurance Act - Authorizes the Secretary of Housing and Urban Development to establish and implement a disaster insurance program which will enable interested persons to purchase insurance indemnifying them against property damage due to natural catastrophes. Directs the Secretary to encourage participation in the program by insurance carriers. Directs the Secretary to provide for the terms and conditions of insurability and coverage of various kinds of property. Provides for limitations on coverage of residential and other properties when the chargeable premium rate is less than the estimated premium rate, as determined by criteria set forth in this Act. Authorizes the Secretary to have deposited in the United States Treasury a Disaster Insurance Fund which shall serve as a revolving fund for the payment of expenses, claims and obligations incurred in carrying out the provisions of this Act. Prohibits the payment of any other Federal disaster assistance to persons for losses which were idemnified by insurance under this Act or could have been indemnified under certain conditions, to the extent of their indemnification. Requires the Secretary to make information an…