NFIP Premium Transparency Act

This bill, known as the NFIP Premium Transparency Act, requires the Federal Emergency Management Agency to provide homeowners with flood insurance policies with more detailed information about their premiums and risk factors. Under the new rules, insurance declaration pages will list current rates, explain any discounts, show claim history, and estimate how long it will take for premiums to reach full-risk levels. Additionally, the agency must create an online tool that allows the public and property owners to view specific rating factors, such as elevation and building type, and to simulate how changes like mitigation projects might lower future costs. The legislation also mandates annual reports on flood insurance rates by region and asks an independent government official to study ways to further improve the transparency and functionality of these insurance tools.