Florida Republican senators Rick Scott and Ashley Moody are trying to give homeowners nationwide a financial break on flood insurance.
The two lawmakers jointly reintroduced the on Thursday to give Americans a non-refundable tax deduction on flood insurance premiums paid through the National Flood Insurance Program or private insurers.
U.S. Rep. Byron Donalds, a Republican who is running for governor, introduced the same bill in the House.
鈥淔loridians know well that flood insurance can be a crucial but costly asset, and it is unacceptable that many are left struggling to find flood insurance coverage they can afford,鈥� said Scott in a statement. Families shouldn鈥檛 have to choose between protecting their homes and putting food on the table.鈥�
He said he鈥檚 working on to fix what he calls the 鈥渂roken NFIP system.鈥�
鈥淎s I travel around the Sunshine State, one thing folks continue to tell me is that they are worried about the rising cost of flood insurance,鈥� said Moody in a statement. 鈥淭he Flood Insurance Relief Act is a critical solution that will directly benefit Floridians.鈥�
Added Congressman Donalds: 鈥淔or far too long, the rising cost of flood insurance has crushed hardworking Floridians. This is unacceptable, this must change, and this critical issue must be addressed to ensure our economy works for all Americans.鈥�
Congress created the federal flood insurance program more than 50 years ago when many private insurers stopped offering policies in high-risk areas.
FEMA鈥檚 Flood Map Service Center has to check your area. FEMA notes even a 1% chance of flooding is considered high risk because it amounts to a 1-in-4 chance of flooding over the life of a 30-year mortgage.
READ MORE: Flood risk is widespread in the U.S. Few people have insurance for it
Most people who have flood insurance are required to have it.
Although many property owners have the option of purchasing flood insurance, it is mandated for government-backed mortgages that sit in areas that the Federal Emergency Management Agency deems highest risk. Many banks require it in high-risk zones, too.
But most private insurance companies don鈥檛 carry flood insurance, leaving the National Flood Insurance Program run by FEMA as the primary provider.
Mark Friedlander, spokesman for the Insurance Information Institute, an industry group, said only about 6% of U.S. households have a flood policy 鈥� primarily in the coastal areas prone to hurricanes. That rate has remained steady in recent years despite the increasing frequency of severe flooding events, including in areas that are not formally considered by the government to be high risk.
鈥淟ack of flood coverage is the largest insurance gap across the country,鈥� Friedlander said in an email to the Associated Press. 鈥淣inety percent of U.S. natural disasters involve flooding and flooding can occur just about anywhere it rains.鈥�
The Associated Press contributed to this story.
