Federal Disaster Insurance Act

Federal Disaster Insurance Act - Establishes a Federal Disaster Insurance Corporation in the executive branch of the Government.

Defines terms used in this Act.

Authorizes $1,000,000,000 for capital stock of the Corporation.

Creates a National Disaster Insurance Fund in the Treasury of the United States, to make insurance payments as may be required from time to time.

States that the function of the Corporation is to provide insurance against damage or loss of property due to natural disaster. Provides that such insurance shall cover 90 percent of the total amount of damage to or loss of property to which the policy relates. Requires the payment of premiums in order to maintain insurance by the Corporation.

States that claims for losses covered by insurance provided by the Corporation shall be adjusted and paid under rules provided by the Board of Directors. Sets forth the powers and duties of the Board. Enumerates the powers of the Corporation. Authorizes the Corporation to consult with all other Federal departments, agencies, and instrumentalities having disaster relief functions.