The Florida Senate is backing a bill to entice private insurance companies to sell flood policies in the state that’s the most vulnerable to storm surge.
The Senate this week unanimously passed the bill (SB 542) sponsored by Sen. Jeff Brandes, a Republican from St. Petersburg. It heads to the Florida House where a similar bill is moving.
The legislation is designed to make it easier for private companies to sell flood insurance.
Florida is home to 37 percent of the federal policies and state officials say congressional attempts to overhaul the troubled program burdened many Floridians with skyrocketing premiums. Congress just recently rolled back some of the increases it permitted in 2012.
It’s not clear, though, that many private insurers will want to assume the risks of flooding.
Was this article valuable?
Here are more articles you may enjoy.
Black Vultures Spreading North, Attacking and Killing Cattle 
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
Jamaica Catastrophe Bond Has Now Triggered, Government Says 
AIG Joins Private Equity Firm Onex to Acquire Re/Insurer Convex Group 
