To require the Administrator of the Federal Emergency Management Agency to make publicly available information regarding the calculation of premiums under the National Flood Insurance Program, and for other purposes.
Flood Insurance Pricing Transparency Act
This bill directs the Federal Emergency Management Agency (FEMA) to publish all formulas used by FEMA to calculate mitigation credits available to properties insured under the National Flood Insurance Program (NFIP). (Under current NFIP rating methodology, individuals can receive premium credits for mitigation activity on their property such as installing flood openings, elevating the structure, and elevating machinery and equipment above the lowest floor.) FEMA must also develop a publicly available tool that estimates NFIP premium rates based on user inputs, including the change in rates as a result of mitigation activities.
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