WASHINGTON, D.C. – In case you missed it, as Florida recovers from the devastation of Hurricane Debby and families continue to struggle with surging costs, Florida Politics wrote a story highlighting Senator Rick Scott’s Homeowners Premium Tax Reduction Act to provide American homeowners an above-the-line tax deduction of up to $10,000 of premiums paid for homeowners’ insurance annually at their primary residence. Additionally, the article mentions Senator Scott’s push to pass his Flood Insurance Relief Act to provide tax relief for Americans who purchase flood insurance through the National Flood Insurance Program (NFIP).

In the article, Florida Politics journalist A.G. Gancarski wrote, “In the wake of Hurricane Debby, one Florida Senator’s bill may offer some offsets from spikes in insurance premiums. U.S. Sen. Rick Scott’s Homeowners Premium Tax Reduction Act would offer, per his office, an above-the-line tax deduction of up to $10,000 of insurance premiums at homesteaded properties.

“The Senator notes that ‘soaring property insurance costs’ are part of why the ‘dream of homeownership is out of reach’ for many.

“’While the business of property insurance is handled by the states, there is one thing the federal government can do to help lower costs for families. My new legislation, the Homeowners Premium Tax Reduction Act, will provide direct relief for families in Florida and across the nation with a deduction of up to $10,000 in homeowners insurance premiums paid on their primary residence,’ Scott said.

“Earlier this year, the Senator introduced parallel legislation (S.4143) to amend the tax code to provide an above-the-line deduction for flood insurance premiums.”

Read the full article in Florida Politics HERE and read more about Senator Scott’s Homeowners Premium Tax Reduction Act HERE.

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As flood insurance premiums continue to rise in Florida and around the country, Senator Rick Scott introduced legislation to provide tax relief for Americans who purchase flood insurance either through the National Flood Insurance Program (NFIP) or a private insurance carrier. Senator Scott’s legislation incentivizes flood insurance coverage by creating a non-refundable tax deduction for flood insurance premiums. Senator Scott has been fighting for years to reform the broken NFIP and earlier this Congress, wrote a letter to David Maurstad, Senior Executive of the NFIP, demanding transparency and accountability as FEMA’s Risk Rating 2.0 has unfairly increased flood insurance rates for millions of Floridians, making the coverage nearly unaffordable for working families who need it.

Earlier this year, Senator Scott reintroduced three bills, the Removing Barriers to Private Flood Insurance Act, the Flood Insurance Consumer Choice Act, and the Flood Insurance Transparency Act to reform the NFIP which would help lower the cost of flood insurance, build a more robust private market, and ensure the property insurance market better serves Florida families. Senator Scott’s NFIP package has been endorsed by the Federal Association for Insurance Reform (FAIR). Read more HERE.

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