Flood Insurance Transparency: New Tool Reveals True Risk and Premium Costs.
This Act mandates FEMA to significantly increase transparency regarding flood insurance policies. Citizens will receive detailed breakdowns of how their premiums are calculated, including all discounts applied and the estimated time until they reach the full-risk rate. Furthermore, FEMA must develop an online tool allowing property owners to view their full flood risk and simulate how mitigation efforts can lower their insurance costs.
Key points
Insurance declaration pages must clearly list all discounts, claim history, current risk factors, and the property's replacement cost value.
FEMA will launch an online tool providing the property's full-risk premium rate and allowing users to adjust variables to see potential premium reductions from mitigation.
Property owners gain access to detailed flood history, prior claims, and the dates of flood hazard determinations for their specific location.
Status:
Expired
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.