Thanks to more than 675 emails from Florida Chamber members, the Senate Appropriations Committee took a significant step toward reforming Florida’s current flood insurance system by voting in favor of SB 542 today in the Senate Appropriations Committee.

As Floridians face steep rate increases to address the debt in the national flood program, it's time to come up with a private market solution. The Florida Chamber strongly supports efforts to remove insurance policies from government-run insurance and place them in the private market. We believe this will help homeowners when they need it the most.

“There’s no greater issue to property owners, right now,” said John Sebree, Senior Vice President of Public Policy at the Florida Realtors.

Sponsored by Sen. Brandes (R-St. Petersburg) SB 542:

  • Encourages the creation of a private flood insurance market and decreases the number of policies in the broken National Flood Insurance Program (NFIP),
  • Protects policyholders by setting minimum standards for this new market, and
  • Has the potential to offer lower premium rates compared to the NFIP.
 
What’s Next?
Sen. Brandes’ bill (SB 542) will have an additional hearing in the Senate Banking and Insurance Committee. The House version of this bill, HB 581 by Rep. Ahern (R-Seminole) has not been heard on its first committee stop (the House Insurance and Banking Subcommittee). The Florida Chamber will continue to keep you posted to let you know how you can help this important issue continue to move forward.

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