The NFIP Premium Transparency Act requires the Federal Emergency Management Agency to develop and maintain an online tool that gives homeowners and the public detailed information about their flood insurance premiums and coverage. Within 12 months of the bill's enactment, flood insurance policy documents must include information about current premiums, any discounts applied, the number of years until full-risk rates take effect, available mitigation options, claim history, and other relevant details. Within 36 months, FEMA must launch a publicly accessible website tool containing comprehensive flood insurance data for individual properties, including premium rates, flood history, risk assessments, and the ability for users to adjust variables to see how mitigation efforts would affect their flood risk and costs. The bill requires the Government Accountability Office to submit a report two years after the tool launches analyzing whether additional information could be added, such as property acquisition programs, community flood defenses, and future development impacts. The legislation affects all homeowners with National Flood Insurance Program policies and seeks to increase transparency about how flood insurance premiums are calculated and what options exist to reduce them.
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