Premium calculator

(a) Definitions In this section— (1) the term covered property means a property for which insurance is provided under the National Flood Insurance Program; and (2) the term premium rates means chargeable premium rates prescribed under section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015), as amended by this Act. (b) Requirements The Administrator shall take the following actions: (1) Not later than 60 days after the date of enactment of this Act, make public all formulas used by the Administrator to calculate the value of mitigation credits provided with respect to covered properties, including, at a minimum, credits for— (A) installing a flood opening; (B) elevating such a property onto a post, pile, or pier; and (C) elevating machinery and equipment above the lowest floor of such a property. (2) Not later than 90 days after the date of enactment of this Act, establish a tool that allows members of the public to estimate premium rates for covered properties under the Risk Rating 2.0 program (or any similar methodology) within a reasonable margin of error based on user inputs, which shall include a mechanism for determining how the premium rates for a covered property would change based on taking a particular mitigation action, including an action described in subparagraph (A), (B), or (C) of paragraph (1) with respect to the covered property. (3) Not later than 1 year after the date of enactment of this Act, and annually thereafter, publish online, for each State, county, and zip code in the United States, a distribution showing the median, mean, lower and upper quartiles, maximum, and minimum— (A) premium rates; and (B) full risk premium rates under section 1307(a)(1) of the National Flood Insurance Act of 1968 (42 U.S.C. 4014(a)(1)), as amended by this Act.