A newly introduced bill is trying to provide relief for Florida homeowners struck by rising flood insurance premiums.
A newly introduced bill could provide relief to Floridians hit by rising flood insurance costs, as lawmakers move to save the Sunshine State's declining homeowners' insurance market.Congressman Byron Donalds, a Republican serving as representative for Florida's 19th congressional district since 2021, introduced the bill—HR 8102—on April 20, when it was referred to the House Committee on Ways and Means, alongside Senator Rick Scott, also a Republican.
In Florida, they have climbed by 231 percent, in Louisiana by 234 percent, in West Virginia by 272 percent, and in Kentucky and South Dakota by 207 percent each.This jump in premiums has led to many homeowners dropping flood insurance entirely where this wasn't mandatory—a risky decision should a hurricane strike. Many have moved to Citizens Property Insurance, Florida's state-backed insurer of last resort and now the largest insurer in the state.
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