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State Senate Trying To Entice More Private Flood Insurance Business

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(Source: CBS4)

(Source: CBS4)

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TALLAHASSEE (CBSMiami/AP) — The Florida Senate will try to entice private insurance companies to sell flood policies in the Sunshine State to homes that are vulnerable to storm surge.

The Senate on Wednesday unanimously passed the bill (SB 542) sponsored by Sen. Jeff Brandes, a Republican from St. Petersburg. It heads to the Florida House where a similar bill is moving.

The legislation is designed to make it easier for private companies to sell flood insurance.

Florida is home to 37 percent of the federal policies and state officials say congressional attempts to overhaul the troubled program burdened many Floridians with skyrocketing premiums. Congress just recently rolled back some of the increases it permitted in 2012.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved.This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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