A bill trying to “bolster hurricane relief and recovery” in Florida could end up increasing the cost of flood insurance for thousands of homeowners in the state, experts warned, adding more weight to their growing financial burden.
Senate Bill 180, which has already passed both the Florida House and Senate with nearly unanimous support, is now heading to Governor Ron DeSantis’ desk. The bill aims to help homeowners in the Sunshine State rebuild more quickly after natural disasters, which are becoming more frequent and destructive due to climate change.
However, in its attempt to expedite these efforts, critics argue that the legislation may hinder residents from implementing key changes that would enhance their homes’ resilience to extreme weather events.
Why It Matters
Florida homeowners have seen the cost of home insurance skyrocket in recent years due to a combination of more frequent and severe natural disasters, widespread fraud, and excessive litigation.
Although the market has stabilized over the past year, homeowners in the state continue to pay some of the highest premiums in the country. At $2,625 per year, the average cost of home insurance in the state is 24 percent higher than the national average of $2,110, according to NerdWallet.
Flood insurance, which is not required by law, is an additional cost on top of the standard property insurance policy for homeowners in the state. According to NerdWallet, the average annual cost of flood insurance in the state is $865 for a National Flood Insurance Program (NFIP) policy.
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