The Florida Senate unanimously passed a bill that authorizesprivate companies to write flood insurance in the state, says The Miami Herald. Senate Bill 542 by Sen. JeffBrandes, R-St. Petersburg, creates an alternative to the federalNational Flood Insurance Program (NFIP), giving homeowners moreflood insurance options outside of the federally subsidizedprogram.
|Under the Senate plan, homeowners could potentially save moneyby buying less insurance than is allowed under the federal program,such as insuring their property only for the outstanding value oftheir mortgage, the property's replacement cost, or the actual cashvalue of the property, says the Herald. The current limitsunder NFIP are $250,000 for a home and $100,000 for personalproperty.
|The bill also authorizes insurance companies to offer variousdeductible amounts and give homeowners more options for coveringcontents, living expenses, secondary structures, and more, says theHerald.
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