US HB2435

Amends the Noninsured Crop Disaster Assistance Program (NAP) to increase payout rates from 65% to 100% and raises the payment limitation to $600,000 for limited resource, beginning, socially disadvantaged, and veteran farmers

Creates a streamlined application process for diverse, urban, small-scale, and direct-to-consumer production systems, including reduced acreage reporting requirements and revenue-based coverage options using IRS Schedule F tax forms

Establishes progressive premium discounts (25% first year, 50% second and third years) to incentivize farmers to transition from NAP to Whole Farm Revenue Protection insurance within 3 years

Modifies Whole Farm Revenue Protection policies by removing the $1.5 million liability cap, expanding the growth expansion limit to 100% of historic revenue or $500,000, expanding diversification discounts to cover up to 10 commodities, and requiring insurers to respond to applications within 75 days

Directs development of a new single index weather insurance policy covering losses from conditions like drought, flooding, extreme heat, hail, and wildfire, with payments issued within 30 days of a covered weather event