The Florida Senate unanimously passed a bill that authorizes private companies to write flood insurance in the state, says The Miami Herald. Senate Bill 542 by Sen. Jeff Brandes, R-St. Petersburg, creates an alternative to the federal National Flood Insurance Program (NFIP), giving homeowners more flood insurance options outside of the federally subsidized program.
Under the Senate plan, homeowners could potentially save money by buying less insurance than is allowed under the federal program, such as insuring their property only for the outstanding value of their mortgage, the property's replacement cost, or the actual cash value of the property, says the Herald. The current limits under NFIP are $250,000 for a home and $100,000 for personal property.
The bill also authorizes insurance companies to offer various deductible amounts and give homeowners more options for covering contents, living expenses, secondary structures, and more, says the Herald.
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