Lawmakers propose bill to reduce flood insurance cost
The "Flood Insurance Relief Act," introduced by Congressman
For people who itemize deductions, this could reduce taxable income and would create savings, which would depend on the amount of the flood insurance premium and the effective tax rate of that individual.
The average annual cost of flood insurance across the state of
This legislation, if approved, would not have any impact on the cost of property insurance because it is solely aimed at reducing the cost of flood insurance.
While flood insurance is not generally required in
According to legislation passed by the
This legislation is being rolled out with coverage required for the higher priced properties and those at greater risk of flooding first and then continuing to eventually be required for all Citizens policies.
Flood insurance is written by some private insurance companies or the National Flood Insurance Program (NFIP).
The tax cuts proposed by Scott would cover both policies written under the NFIP as well as policies written by private insurers.
Although this legislation does not address the property insurance crisis in the state, which urgently needs to be addressed, it does have the potential to save a few dollars for those who buy flood insurance. In the face of the soaring cost of insurance in the state, every little savings is welcome.
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