Flood Insurance Pricing Transparency: Calculator and Mitigation Credits
New rules will increase transparency in flood insurance pricing, allowing citizens to better understand how premiums are calculated. This will make it easier to assess how preventive measures, such as elevating a home, can reduce insurance costs. It will help in making informed financial decisions regarding property protection.
Key points
All formulas used to calculate flood mitigation credits (e.g., flood openings, elevating property) will be made public within 60 days.
Within 90 days, an online tool will be launched allowing the public to estimate insurance premiums and see how specific protective actions will affect their cost.
Status:
Expired
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