In the wake of Hurricane Debby, one Florida Senator's bill may offer some offsets from spikes in insurance premiums.
U.S. Sen. Rick Scott's Homeowners Premium Tax Reduction Act would offer, per his office, an above-the-line tax deduction of up to $10,000 of insurance premiums at homesteaded properties.
The Senator notes that "soaring property insurance costs" are part of why the "dream of homeownership is out of reach" for many.
"While the business of property insurance is handled by the states, there is one thing the federal government can do to help lower costs for families. My new legislation, the Homeowners Premium Tax Reduction Act, will provide direct relief for families in Florida and across the nation with a deduction of up to $10,000 in homeowners insurance premiums paid on their primary residence," Scott said.
Earlier this year, the Senator introduced parallel legislation (S.4143) to amend the tax code to provide an above-the-line deduction for flood insurance premiums.
Scott has sounded the alarm about insurance costs previously, which have spiked under the administration of his successor as Governor, Ron DeSantis.
In a 2023 call with supporters, Scott said that high rates are "bankrupting the state."
He urged depopulation of Citizens Property Insurance, the state's last-resort insurer.
Scott also called the state's insurance marketplace a "disaster" in 2023, saying the departure of Farmers Insurance was a "wake-up call" to the state.
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