This bill creates a temporary grace period for National Flood Insurance Program policyholders who fail to pay their premiums while the Federal Emergency Management Agency implements a monthly payment option for flood insurance. The grace period runs from the bill's enactment until 30 days after FEMA makes monthly payments available, during which time policyholders remain covered despite nonpayment. After the grace period ends, policyholders who choose monthly payments will have an extra monthly fee added to their bills to recover the unpaid premiums from the grace period on a cumulative basis. The legislation also prohibits FEMA from charging additional fees or surcharges to policyholders who choose monthly payments compared to those paying annually. The bill aims to make flood insurance more affordable by allowing monthly payment flexibility while protecting coverage during the transition period.