Florida Senators and Representative Rick Scott (R), Ashley Moody (R), and Bryon Donalds (R) have introduced bills H.R. 4494 and S 2313 in both the House and Senate.
The bill, also known as the “Flood Insurance Relief Act,” provides a much-needed tax relief for NFIP & private insurance policyholders across Florida and specifically, creates a non-refundable tax deduction for flood insurance premiums.
As the 2025 Atlantic Hurricane season begins, many analysts are claiming this season to be “one of the most active.” A large point of contention with many residents in Florida is the rising cost of flood insurance, with the growing strength and damage storms have the potential to cause.
“For far too long, the rising cost of flood insurance has crushed hardworking Floridians. This is unacceptable. The time for action is now, and I’m proud to join Senator Rick Scott in introducing the Flood Insurance Relief Act to provide this overdue relief to policyholders across our Southwest Florida community, the Sunshine State, and the nation,” said Rep. Donalds.
The bill specifically targets the high cost of flood insurance by “allowing individuals to deduct the cost of qualified flood insurance premiums paid during the year from their taxable income. The deduction applies to premiums, federal policy fees, and surcharges associated with the National Flood Insurance Program and qualifying private flood insurance.”
This bill also limits any individuals who have a gross income of more than $200,000 or $400,000 for joint filers from taking this deduction, focusing on benefits for middle-class families.
“As I travel around the Sunshine State, one thing folks continue to tell me is that they are worried about the rising cost of flood insurance. That is why today, Senator Scott and I are working to ease the financial burden on Florida families by proposing a bill that would create a tax deduction on their flood insurance premiums,” said Sen. Moody.
