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TALLAHASSEE, FL — The Florida Senate is on the brink of passing a bill designed to entice private insurance companies to enter the flood insurance market that has previously been dominated by the federal government, according to the Herald Tribune.
However, the Senate's plan differs from the House’s on how to do that, which will set the stage for negotiations over a compromise, the article stated.
According to the article, the Senate has given preliminary approval to legislation (SB 542), sponsored by Sen. Jeff Brandes, R-St. Petersburg, that would give more "flexibility to insurance companies on setting their flood insurance rates and disclosures to consumers when they decide what type of flood coverage they want."
A major difference with the House remains over how much coverage the private insurers could offer to homeowners who want to be protected from flood damage, the article noted.
"The Senate is very strong on its position that we should have the flexibility maintained in the Senate bill. We’re 90 percent there. The 10 percent we’re struggling with is very important and it’s essentially the hallmark of the bill," said Brandes.
Click here to read the article in its entirety.