The proposed "Flood Insurance Relief Act" aims to provide much-needed tax relief for National Flood Insurance Program (NFIP) and private insurance policyholders in Florida and across the nation. The bill seeks to amend the Internal Revenue Code of 1986 by offering an above-the-line deduction for flood insurance premiums.
This move is aimed at providing relief to Floridians who are grappling with rising flood insurance costs, which have become increasingly unaffordable due to the state's declining homeowners' insurance market.
Florida is currently facing a homeowners' insurance crisis, which has been exacerbated by excessive litigation, widespread fraud, and the increased risk of more frequent and severe extreme weather events due to climate change.
As a result, "many private insurers have withdrawn from the state.".. and those that remain have either reduced their coverage or announced they won't be renewing policies. The NFIP... which is managed by the Federal Emergency Management Agency (FEMA), provides flood insurance to property ← →
This move is aimed at providing relief to Floridians who are grappling with rising flood insurance costs, which have become increasingly unaffordable due to the state's declining homeowners' insurance market.
Florida is currently facing a homeowners' insurance crisis, which has been exacerbated by excessive litigation, widespread fraud, and the increased risk of more frequent and severe extreme weather events due to climate change.
As a result, "many private insurers have withdrawn from the state.".. and those that remain have either reduced their coverage or announced they won't be renewing policies. The NFIP... which is managed by the Federal Emergency Management Agency (FEMA), provides flood insurance to property ← →
Source: Found hereA newly introduced bill could provide relief to Floridians hit by rising flood insurance costs, as lawmakers move to save the Sunshine State's declining homeowners' insurance market. The proposed legislation, titled "The Flood Insurance Relief Act," wants to amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums and offer "much-needed tax relief for National Flood Insurance Program (NFIP) and private insurance policyholders across Southwest Florida, the Sunshine State, and the nation," as per a press release shared with Newsweek .
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