Sen. Jeff Brandes is welcoming the passage of SB 542, the bill he sponsored that will increase the availability of private-market flood insurance options in Florida.
The Legislature passed SB542 on Thursday, sending it to Gov. Rick Scott for his signature.
“Floridians deserve to have choices when it comes to flood insurance,” Brandes said. “Senate Bill 542 opens the private flood insurance market and frees Floridians from Washington uncertainty and irregularity. I am grateful for the support of my fellow Senators and Representatives and look forward to ensuring this innovative legislation becomes law.”
The National Flood Insurance Program (NFIP) is a federal program providing flood insurance to homeowners, frequently required by mortgage lenders, but historically unavailable in the private market.
NFIP currently writes more than 2 million flood insurance policies in Florida, more than any other state in the U.S.
Florida policies makeup about 37 percent of the total policies written, yet its inception the program has paid only about $3.7 billion for flood losses in Florida compared to more than $50 billion nationwide.