Sen. Rick Scott Introduces Legislation to Improve Affordability of Flood Insurance

Targeted News Service (Press Releases)

WASHINGTON, Sept. 19 -- Sen. Rick Scott, R-Florida, issued the following news release:

WASHINGTON, D.C.--Today, Senator Rick Scott introduced the Flood Insurance Affordability Act, which would require the Federal Emergency Management Agency (FEMA) to offer Floridians an option to pay their flood insurance premiums monthly, rather than in a larger lump sum once a year. Representative Anna Paulina Luna is leading the companion bill in the House of Representatives.

Senator Rick Scott said, "I'm fighting tooth and nail in Washington to fix the broken National Flood Insurance Program, and while this work continues, we need to make sure families have access to affordable coverage. The Flood Insurance Affordability Act will make a commonsense fix to help families retain their current coverage and help others purchase flood insurance policies without breaking the bank. Allowing Floridians to make monthly payments for flood insurance, instead of being billed in one lump sum, is good, commonsense policy. I'm glad to join Congresswoman Luna in fighting for this change and urge our colleagues to support the quick passage of this good bill."

Representative Anna Paulina Luna said, "I'm proud to see that Senator Scott has introduced the Senate companion to my bill, the Flood Insurance Affordability Act, when it's needed most. Following Hurricane Idalia, relieving the burden of expensive flood insurance costs became an immediate priority as I watched our homes and beaches in Pinellas County flood, leaving countless families faced with rebuilding their lives. FEMA needs to follow the law so that those impacted don't have to wipe out their savings accounts and have more flexibility in an economy that's already rocked by high prices."

Senator Scott has been fighting for years to reform the broken NFIP. In August, Senator Scott wrote a letter to David Maurstad, Senior Executive of the NFIP, demanding transparency and accountability as FEMA's Risk Rating 2.0 has unfairly increased flood insurance rates for millions of Floridians, making the coverage nearly unaffordable for working families who need it. 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 to reform the NFIP which would help lower the cost of flood insurance, build a more robust private market, and ensure the property insurance market better serves Florida families. Senator Scott's NFIP package has been endorsed by the Federal Association for Insurance Reform (FAIR).

###