After hundreds of thousands of Floridians saw flood insurance premiums jump by triple digits, state lawmakers say its time for the state to step into the market.
Legislation is being introduced that would allow private companies and maybe the states insurer of last resort to write flood insurance.
State Senator Jeff Brandes of St. Petersburg said he was filing the legislation today.
“I think we are beginning to nail down details as we speak. One of the things that we are talking about is should people have to have coverage of the full replacement value of their home or should they just have to have coverage to the value of their mortgage? That's one of the substantial changes that we are making. But we think that the national flood insurance program cannot be trusted,” said Brandes.
Florida is considered a donor state, getting just 25 cents back in claims for ever dollar Floridians spend on flood insurance premiums.