NFIP Premium Transparency Act mandates FEMA to create an online flood insurance information tool.
The NFIP Premium Transparency Act requires the Federal Emergency Management Agency (FEMA) to develop an online flood insurance information tool. This tool must include details such as current insurance premiums, risk premium rates, replacement cost values, and limitations on annual premium increases. FEMA must also share relevant information with insurers and make the tool accessible to the public and property owners. The tool should allow users to adjust variables impacting flood risk and evaluate how these adjustments could reduce risk and lower premiums.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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