The Florida Chamber of Commerce today applauded the Florida Legislature for passing SB 542 – a Florida Chamber-backed property insurance reform bill that creates a regulatory framework for a private market flood insurance program.
While on The Florida Chamber’s Bottom Line, Senator Jeff Brandes (R-St. Petersburg) discussed the importance of allowing Floridians to control their flood insurance coverage needs with private-sector solutions.
“We’re 40 percent of the overall market for the United States, it’s time for Florida to control of its own destiny,” Brandes explained. “Our bill simply allows Floridians to take control of their own destiny. Let’s let them work with insurers, let’s let them determine how much insurance they need, how much insurance they want and how much they can afford.”
SB 542, sponsored by Sen. Brandes, helps remove policies from the National Flood Insurance Program and encourages the use of private-market flood insurance by creating a regulatory framework for flood insurance in the state. Furthermore, the bill prohibits Citizens Property Insurance from writing flood insurance policies and prevents the reimbursement of flood losses from the Florida Hurricane Catastrophe Fund.
Florida’s unique geographic location and propensity for catastrophic weather events, coupled with rising rates in the unstable National Flood Insurance Program, created the perfect storm for the Legislature to act to ensure Florida’s policyholders are protected by creating a competitive and stable insurance market. The Florida Chamber thanks Senator Brandes and Representative Ed Hooper (R-Clearwater) for sponsoring this great piece of legislation.