Friday, January 19, 2018
Business

House committee passes Florida-sponsored flood insurance bill

The House Financial Services Committee pushed through a Florida-sponsored bill intended to cut flood insurance costs. If passed, the bipartisan bill would help create a marketplace for private flood insurance.

"Competition can bring lower prices and relief from the flood insurance rate increases that threaten hardworking families and small businesses," Rep. Dennis Ross, R-Lakeland, who is co-sponsoring the legislation with Rep. Kathy Castor, D-Tampa, said in a release.

Premiums have skyrocketed in recent years for older homes in flood-prone areas under the National Flood Insurance Program. Run by FEMA, the NFIP is set to expire in September if it is not renewed by Congress.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.

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