U.S. Senators Rick Scott and Ashley Moody have reintroduced the Flood Insurance Relief Act, legislation designed to provide tax relief for Americans who purchase flood insurance. The bill offers a non-refundable tax deduction for premiums paid through the National Flood Insurance Program (NFIP) or through private flood insurance providers.
The lawmakers emphasized that the measure aims to ease the financial burden of rising flood insurance costs for families in Florida and across the United States.
“Floridians know well that flood insurance can be a crucial but costly asset, and it is unacceptable that many are left struggling to find flood insurance coverage they can afford. Families shouldn’t have to choose between protecting their homes and putting food on the table,” Scott said. He noted that he has worked on several bills to improve the NFIP and encourage private-sector participation to create a more robust and affordable flood insurance market.
Senator Moody echoed similar concerns, stating that she has been hearing from Floridians worried about the cost of flood insurance. “The Flood Insurance Relief Act is a critical solution that will directly benefit Floridians,” she said.
On the House side, U.S. Representative Byron Donalds is leading the companion legislation. Donalds will be visiting The Villages later this week to discuss the issue.
“For far too long, the rising cost of flood insurance has crushed hardworking Floridians. This is unacceptable, this must change, and this critical issue must be addressed to ensure our economy works for all Americans,” Donalds said.
If enacted, the legislation would apply nationwide, providing a tax deduction on flood insurance premiums for both NFIP policies and private coverage.
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