Florida Senate Approves Private Flood Insurance Bill

Florida Senate Bill 420, which seeks to provide private alternatives to the National Flood Insurance Program (NFIP), has passed the Florida Senate.

According to Insurance Business, if the law is passed, private companies would be able to set rates without prior approval until 2025. This would open the door for surplus lines insurers, who operate with less regulation that admitted insurers, to provide coverage.

Under the NFIP, private companies can act as a middleman to provide coverage, but the new law would allow more freedom for these insurers.