The Rhode Island Property Resilience Act establishes a framework to enhance the resilience of properties against flooding and sea level rise due to climate change. It creates a flood audit program aimed at assessing properties at risk and providing mitigation recommendations. This program will be overseen by the newly formed Rhode Island Flood Mitigation Council, which will consist of officials from state agencies and private industry.

To fund the initiative, the bill introduces a $25 annual surcharge on property insurance policies, which will be collected by insurance companies and directed to a dedicated Flood Audit Mitigation Fund. This fund will support property assessments and the development of strategies to reduce flood risks. The council will have specific duties, including managing the program, administering the flood audit program, and ensuring compliance with the chapter's requirements.

The legislation also establishes the Rhode Island Property Resilience Act Fund, which will be a continuing fund not subject to fiscal year limitations and will not be subject to cost recovery or assessments by the state. Monies collected will not lapse or be redistributed unless specified under federal conditions.

The program will prioritize funding for properties located in high-risk flood zones and for low-to-moderate income households, with applications accepted on a first-come, first-served basis. The council is authorized to promulgate rules and regulations necessary to implement the program, including an online application process.

Auditors involved in funded projects must meet specific qualifications to prevent conflicts of interest and must follow the procedures and rules prescribed by the council. The council will also ensure public outreach to inform communities in vulnerable areas about the program.

The act is designed to improve flood risk identification and mitigation efforts in Rhode Island and will take effect upon passage.