118 STAT. 718 PUBLIC LAW 108–264—JUNE 30, 2004 and any subsequent increases pursuant to paragraph (2) and subject to the limitation under paragraph (3). ‘‘(2) INCREASED PREMIUMS UPON SUBSEQUENT FLOOD DAM AGE.—Notwithstanding subsections (a) through (c) of section 1308, if the owner of a severe repetitive loss property does not accept an offer to take action under paragraph (1) or (2) of subsection (c) with respect to such property and a claim payment exceeding $1,500 is made under flood insurance cov erage under this title for damage to the property caused by a flood event occurring after such offer is made, thereafter the chargeable premium rate with respect to the property shall be the amount equal to 150 percent of the chargeable rate for the property at the time of such flood event, as adjusted by any other premium adjustments otherwise applicable to the property and any subsequent increases pursuant to this paragraph and subject to the limitation under paragraph (3). ‘‘(3) LIMITATION ON INCREASED PREMIUMS.—In no case may the chargeable premium rate for a severe repetitive loss prop erty be increased pursuant to this subsection to an amount exceeding the applicable estimated risk premium rate for the area (or subdivision thereof) under section 1307(a)(1). ‘‘(4) TREATMENT OF DEDUCTIBLES.—Any increase in charge able premium rates required under this subsection for a severe repetitive loss property may be carried out, to the extent appro priate, as determined by the Director, by adjusting any deduct ible charged in connection with flood insurance coverage under this title for the property. ‘‘(5) NOTICE OF CONTINUED OFFER.—Upon each renewal or modification of any flood insurance coverage under this title for a severe repetitive loss property, the Director shall notify the owner that the offer made pursuant to subsection (c) is still open. ‘‘(6) APPEALS.— ‘‘(A) IN GENERAL.—Any owner of a severe repetitive loss property may appeal a determination of the Director to take action under paragraph (1)(B) or (2) with respect to such property, based only upon the following grounds: ‘‘(i) As a result of such action, the owner of the property will not be able to purchase a replacement primary residence of comparable value and that is functionally equivalent. ‘‘(ii) Based on independent information, such as contractor estimates or appraisals, the property owner believes that the price offered for purchasing the prop erty is not an accurate estimation of the value of the property, or the amount of Federal funds offered for mitigation activities, when combined with funds from non Federal sources, will not cover the actual cost of mitigation. ‘‘(iii) As a result of such action, the preservation or maintenance of any prehistoric or historic district, site, building, structure, or object included in, or eligible for inclusion in, the National Register of His toric Places will be interfered with, impaired, or dis rupted.
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