The Florida Senate is backing a bill to entice personal insurance organizations to promote 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 Residence exactly where a comparable bill is moving.
The legislation is designed to make it less complicated for private companies to promote flood insurance.
Florida is property to 37 percent of the federal policies and state officials say congressional attempts to overhaul the troubled system burdened several Floridians with skyrocketing premiums. Congress just recently rolled back some of the increases it permitted in 2012.
It is not clear, however, that many personal insurers will want to presume the hazards of flooding.
Copyright 2014 Linked Press. All rights reserved. This materials could not be published, broadcast, rewritten or redistributed.