1. Short title This Act may be cited as the Taxpayer Exposure Mitigation Act of 2017 . 2. Opt-out of mandatory coverage requirement for commercial properties (a) Amendments to Flood Disaster Protection Act of 1973 The Flood Disaster Protection Act of 1973 is amended— (1) in section 3(a) ( 42 U.S.C. 4003(a) )— (A) in paragraph (7), by inserting residential before improved real estate ; and (B) in paragraph (8), by inserting residential before building ; and (2) in section 102 ( 42 U.S.C. 4012a )— (A) in subsection (b)— (i) in paragraph (1)(A)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home ; (ii) in paragraph (2)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home ; and (iii) in paragraph (3)— (I) in subparagraph (A), by inserting residential before improved real estate ; and (II) in the matter after and below subparagraph (B), by inserting residential before building or mobile home ; (B) in subsection (c)(3), by striking , in the case of any residential property, for any structure that is part of such property and inserting for any structure that is part of a residential property ; (C) in subsection (e)— (i) in paragraph (1)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home each place such term appears; and (ii) in paragraph (5)— (I) in subparagraph (A)— (aa) by inserting residential before improved real estate each place such term appears; and (bb) by inserting residential before building or mobile home each place such term appears; (II) in subparagraph (B), by inserting residential before building or mobile home each place such term appears; and (III) in subparagraph (C), by inserting residential before building or mobile home ; and (D) in subsection (h)— (i) by inserting residential before improved real estate each place such term appears