Duval Times

WASHINGTON, D.C. – As Florida recovers from the devastation of Hurricane Debby and families continue to struggle with surging costs, Florida Politics highlighted Senator Rick Scott’s Homeowners Premium Tax Reduction Act. This legislation aims to provide American homeowners an above-the-line tax deduction of up to $10,000 for premiums paid for homeowners’ insurance annually at their primary residence. Additionally, the article mentions Senator Scott’s push to pass his Flood Insurance Relief Act to provide tax relief for Americans who purchase flood insurance through the National Flood Insurance Program (NFIP).

In the article, Florida Politics journalist A.G. Gancarski wrote, “In the wake of Hurricane Debby, one Florida Senator’s bill may offer some offsets from spikes in insurance premiums. U.S. Sen. Rick Scott’s Homeowners Premium Tax Reduction Act would offer, per his office, an above-the-line tax deduction of up to $10,000 of insurance premiums at homesteaded properties.

“The Senator notes that ‘soaring property insurance costs’ are part of why the ‘dream of homeownership is out of reach’ for many.

“‘While the business of property insurance is handled by the states, there is one thing the federal government can do to help lower costs for families. My new legislation, the Homeowners Premium Tax Reduction Act, will provide direct relief for families in Florida and across the nation with a deduction of up to $10,000 in homeowners insurance premiums paid on their primary residence,’ Scott said.

“Earlier this year, the Senator introduced parallel legislation (S.4143) to amend the tax code to provide an above-the-line deduction for flood insurance premiums.”

As flood insurance premiums continue to rise in Florida and around the country, Senator Rick Scott introduced legislation to provide tax relief for Americans who purchase flood insurance either through the National Flood Insurance Program (NFIP) or a private insurance carrier. Senator Scott’s legislation incentivizes flood insurance coverage by creating a non-refundable tax deduction for flood insurance premiums. Senator Scott has been advocating for years to reform the NFIP and earlier this Congress wrote a letter to David Maurstad, Senior Executive of the NFIP, demanding transparency and accountability as FEMA’s Risk Rating 2.0 has increased flood insurance rates for millions of Floridians.

Earlier this year, Senator Scott reintroduced three bills: the Removing Barriers to Private Flood Insurance Act, the Flood Insurance Consumer Choice Act, and the Flood Insurance Transparency Act. These bills aim to reform the NFIP by lowering flood insurance costs, building a more robust private market, and ensuring that property insurance better serves Florida families. The Federal Association for Insurance Reform (FAIR) has endorsed Senator Scott’s NFIP package.