Bill sponsored by Rick Scott would give homeowners tax break for flood insurance premiums

TAMPA, Fla. (WFLA) — Florida Sen. Rick Scott has filed a new bill that would give people with flood insurance a tax break.

With SB 4143, the “Flood Insurance Relief Act,” Scott is pushing to lower qualified flood insurance premiums. The bill would also give homeowners a non-refundable tax deduction.

Scott hopes it would provide relief as premiums skyrocket. The bill would help Americans regardless of whether they purchase insurance through the National Flood Insurance Program (NFIP) or a private insurance carrier.

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In a letter to FEMA, Scott said flood insurance rates in Florida have “unfairly increased” and have become “unaffordable” calling the situation a “crisis.” He argued the state deserves more transparency and accountability from NFIP and said the last thing families need is high costs on another insurance policy.

The entirety of the letter can be read here.

“We’re a donor state so you think the way insurance works that if we’re a donor state our rates should come down over time right,” Scott told NBC affiliate WBBH. “Unfortunately they’ve continued going up.”

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Scott also pushed for monthly payments, instead of payments on an annual basis, saying it will help Floridians maintain coverage without breaking the bank.

“I am fighting tooth and nail in Washington to fix it,” Scott added. “While we continue to work on permanent solutions to the problems plaguing the NFIP, we need to make sure hardworking folks have access to affordable coverage.”

Insurance agents recommend Floridians apply for grant money through My Safe Florida Homes. The state is giving the program a $200 million boost to help pay for stormproof upgrades to homes.

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