TALLAHASSEE, Fla. (Jan. 8, 2013) – The R Street Institute welcomed today’s unanimous vote by the Florida Senate Banking and Insurance Committee of legislation clarifying the regulatory treatment of privately written flood insurance.

Sponsored by Sen. Jeff Brandes, R-St. Petersburg, the bill looks to jump-start a private insurance alternative to the National Flood Insurance Program by authorizing companies to offer endorsements or separate policies for flood coverage, including policies that offer more extensive coverage than the NFIP.

The legislation upholds the principles set out by R Street Institute Florida Director Christian Cámara in the recent policy brief “A state approach to flood insurance reform in Florida.”

“Sen. Brandes’ bill is a common sense, free-market approach that, if enacted, will encourage private companies to enter Florida and provide alternatives to the NFIP,” Cámara said. “This will expand consumer choice, provide for more flexibility and affordability, and reduce the burden on taxpayers.”

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