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3 <br />Sec. 607. Regulations. <br />1 SEC. 2. CONGRESSIONAL FINDINGS. <br />2 The Congress finds that - <br />3 (1) unprecedented growth in population and de - <br />4 velopment has occurred along the coasts and rivers <br />5 of the United States and a significant portion of the <br />6 United States population is exposed to the hazards <br />7 of flood, mudslide, and erosion damage; <br />8 (2) the number of properties insured against <br />9 floods remained roughly constant during the 1980's, <br />10 despite continuing growth in real estate activity in <br />11 coastal, lakeshore, and riverine areas, and the level <br />12 of flood insurance coverage that an individual can <br />13 purchase has not been increased since 1977; <br />14 (3) due to substantial increases in construction <br />15 costs, many property owners are prevented from <br />16 purchasing flood insurance for the replacement value <br />17 of the building, potentially resulting in an owner not <br />18 receiving a payment to fully restore flood -damaged <br />19 property; <br />20 (4) since 1989, there has been a significant in - <br />21 crease in the -incidence of major storms and hurri- <br />22 canes and severity of related damages in the United <br />23 States; . <br />24 (5) as a consequence of the increase in the inci- <br />25 denee of storms, the national flood insurance fund <br />-S 14M 118 <br />