Florida Advances Private Flood Insurance Bill
A Florida House Insurance and Banking Subcommittee unanimously passed HB 879, which would help Florida homeowners obtain private-sector flood insurance. The legislation would allow insurers to write insurance similar to coverage offered in the National Flood Insurance Program (NFIP) as well as a preferred flood insurance plan that modifies the definition of “flood,” provides additional living expenses to those with major damages and allows homeowners to have insurance that covers the replacement cost of personal property. Florida and West Virginia are the two states in which lawmakers are actively pushing for private flood insurance legislation.
The bill’s sponsor State Rep. Ed Hooper (R) said the bill hopefully would result in private insurers providing homeowners with rates somewhere between the NFIP rates that existed before the passage of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and the rates after the increases that took effect Oct. 1, 2013.