The NFIP Premium Transparency Act requires the Federal Emergency Management Agency to develop an online flood insurance information tool and make detailed premium and risk information readily available to property owners and the public. Within 12 months of enactment, FEMA must update flood insurance policy declaration pages to display current premiums, applicable discounts, all rating factors that determine the premium, and other key information such as replacement cost value and claim history. Within 36 months, FEMA must launch a publicly accessible online tool containing this information for all properties with available flood insurance, along with features allowing users to model how mitigation activities or variable changes could reduce their flood risk and premiums. The bill also requires FEMA to share policy-related information with private flood insurers and mandates that the Government Accountability Office report within 2 years on whether additional information like local building standards, coastal restoration projects, and property acquisition programs could be added to the tool. The legislation aims to give homeowners and potential buyers greater transparency about flood insurance costs and the factors driving those costs.
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