This bill, titled the "Protecting Mushroom Farmers Act," amends the Federal Crop Insurance Act to require the Federal Crop Insurance Corporation (FCIC) to undertake or contract for research and development into a new insurance policy. This policy would specifically cover the production of mushroom growing media and mushrooms themselves, aiming to provide financial protection for mushroom farmers. The research is mandated to evaluate policy effectiveness, considering various risks unique to mushroom cultivation. These include losses due to pests (such as phorid and sciarid flies), fungal and viral pathogens , and other causes like electricity loss from weather or growing media loss from excessive rainfall events. The policy development must also consider best practices, coverage for different production phases, streamlined reporting, and protection against revenue losses. Upon completion of the research, the FCIC is required to make the developed policy available, provided certain statutory requirements are met. Furthermore, the Corporation must submit a comprehensive report to the House and Senate Agriculture Committees within two years, detailing the research results and offering recommendations for the new insurance product.