WASHINGTON, D.C. – Today, Senators Rick Scott and Ashley Moody reintroduced the Flood Insurance Relief Act to provide tax relief for Americans with a non-refundable tax deduction on flood insurance premiums paid through the National Flood Insurance Program (NFIP) or through private insurers. This bill will help ease the financial burden of rising flood insurance costs for hardworking Americans in Florida and across the nation. Congressman Byron Donalds is leading the companion legislation in the House of Representatives.

Senator Rick Scott said, “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. I’ve been working on several bills to fix the broken NFIP system and encourage private-sector participation to allow for a more robust, affordable flood insurance market, but we must do more to help families ASAP. My Flood Insurance Relief Act offers a practical way to directly ease the financial burden of flood insurance for families by allowing a tax deduction on their premiums, whether through the NFIP or the private market. I’m glad to have my fellow Floridians Senator Ashley Moody and Congressman Byron Donalds joining me in leading this effort.”

Senator Ashley Moody said, “As I travel around the Sunshine State, one thing folks continue to tell me is that they are worried about the rising cost of flood insurance. That is why today, Senator Scott and I are working to ease the financial burden on Florida families by proposing a bill that would create a tax deduction on their flood insurance premiums. The Flood Insurance Relief Act is a critical solution that will directly benefit Floridians.”

Congressman Byron Donalds said, “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. The time for action is now, and I’m proud to join Senator Rick Scott in introducing the Flood Insurance Relief Act to provide this overdue relief to policyholders across our Southwest Florida community, the Sunshine State, and the nation.”

This legislation builds on Senator Scott’s legislative package to reform the NFIP, which will help lower the cost of flood insurance for families, foster a stronger private market, and ensure the insurance system better serves Florida families. The package includes:

The Flood Insurance Transparency Act:

• Requires the Federal Emergency Management Agency to make detailed historic claims, policy, and flood risk data available to the public and easily accessible, while protecting personal information as required by law

The Flood Insurance Consumer Choice Act:

• Amends the NFIP’s ‘Continuous Coverage’ requirement and allows NFIP policyholders who leave the program to purchase a private policy to return to the NFIP without penalty

The Removing Barriers to Private Flood Insurance Act:

• Permanently eliminate the NFIP’s Write Your Own (WYO) company non-compete clause which currently prohibits WYO companies from selling private flood insurance products that compete with NFIP products

The Residential Emergency Asset Accumulation Deferred Taxation Yield (READY) Account Act:

• Allows taxpayers to establish a tax-free savings account specifically for home mitigation and disaster recovery expenses

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