Today, SB 542 sponsored by Senator Jeff Brandes passed the Senate Committee on Appropriations with strong, unanimous support. The bill lays the framework for a private flood insurance marketplace in Florida in response to rate increases from the National Flood Insurance Program.
“Florida families are facing foreclosure because of drastic rate increases on their flood insurance policies,” stated Brandes. “The only answer coming out of Washington is to continue to kick the can down the road by delaying rate increases, and they can’t even agree on that. We need a Florida solution that addresses this problem and provides some stability while preserving consumer protections in our state.”
“I commend my friends in the Senate for their quick response in moving this important flood insurance legislation forward,” stated Representative Larry Ahern, who is the sponsor of the companion measure to SB 542 in the House of Representatives. “Washington mandates have created skyrocketing flood insurance premiums, homeowners across our state need relief, and our constituents want viabe options and solutions. I hope to see this bill move through a House committee in the upcoming weeks and look forward to working with my colleagues on this issue.”
The bill provides a range of options for policyholders in deciding coverage amounts that will reduce the cost of insuring a structure for the risk of flood. The bill also provides flexibility to insurers to offer a range of insurance options to policyholders to best fit their individual needs. The House of Representatives has not advanced either of the two flood insurance bills pending in their respective committees.
