National Flood Insurance Improvement Act of 1987

National Flood Insurance Improvement Act of 1987 - Amends the National Flood Insurance Act of 1968 to establish a schedule of payments for a structure covered by flood insurance if such structure is condemned by a State or local authority because it is located on land along the shore of a body of water that is subject to imminent collapse. Sets forth a schedule of payments following condemnation and demolition before the structure collapses. Limits the amount of payment if such land collapses or subsides before the owner demolishes and removes the structure, but after the owner has a reasonable period of time following condemnation (or after the date of enactment of the Housing, Community Development, and Homelessness Prevention Act of 1987, whichever occurs later) to demolish and remove it.