Duval Times

Senator Rick Scott has introduced legislation aimed at providing tax relief for Americans purchasing flood insurance, whether through the National Flood Insurance Program (NFIP) or a private insurance carrier. The bill proposes a non-refundable tax deduction for flood insurance premiums as a way to incentivize coverage. In a statement, Senator Scott emphasized the importance of ensuring access to affordable coverage, particularly in states like Florida where flood insurance costs continue to rise.

Senator Scott stated, “As I travel around Florida, I am consistently hearing about how the broken NFIP and its rising costs are hurting Floridians. I am fighting tooth and nail in Washington to fix it. While we continue to work on permanent solutions to the problems plaguing the NFIP, we need to make sure hardworking folks have access to affordable coverage. That’s why I am introducing and will be fighting to pass legislation that provides a non-refundable tax break to families who purchase flood insurance coverage either through the private market or the NFIP. This is a commonsense bill to ensure Floridians can maintain coverage without breaking the bank.”

Representative Byron Donalds is leading the companion bill in the House of Representatives and echoed Senator Scott's sentiments, emphasizing the impact of rising flood insurance costs on families in Florida. Congressman Donalds stated, “Over recent years, residents of Southwest Florida and the Sunshine State have been faced with an exponential rise in flood insurance costs. This unsustainable trend is severely impacting hardworking Florida families and it is critical that this problem is immediately addressed.”

Senator Scott's efforts to reform the NFIP have been ongoing, with previous actions including demanding transparency and accountability from FEMA’s Risk Rating 2.0 and reintroducing bills such as the Removing Barriers to Private Flood Insurance Act, the Flood Insurance Consumer Choice Act, and the Flood Insurance Transparency Act. These initiatives aim to lower the cost of flood insurance, promote a more robust private market, and ensure better service for Florida families in the property insurance market. The Senator's NFIP package has received endorsement from the Federal Association for Insurance Reform (FAIR).