Statewide flood mitigation program proposed for FL

Plan would remove some coastal lands from development, and continue deregulation of flood insurance rates through 2025

Insurance News

By Lyle Adriano

On October 20, Florida State Sen. Jeff Brandes filed a bill, SB 584, to establish a statewide flood mitigation and assistance program. The bill, if passed, will provide about $50 million per year in matching grant money.

The grants would be used to help fund efforts to reduce the risk of coastal flooding. One such effort may include land acquisition and preservation.

The proposed bill will also extend the expiration of deregulated rates in flood insurance, from 2017 to 2025 in order to give the private flood insurance market time to grow and mature.

We have a unique opportunity to simultaneously assist our coastal communities with flooding hazards while addressing the spirit of Amendment 1 overwhelmingly approved by the voters,” Brandes remarked in a written statement. “This proposal will provide relief to portions of the state hit hardest with rising flood insurance costs by preserving and protecting vulnerable communities and natural coastal assets.”

“The senator’s proposal combines both market-driven approaches and a means by which communities can work to reduce losses due to flooding,” Jay Liles, Florida Wildlife Federation spokesman, said. “This is an important issue for the Florida Legislature to address and we appreciate his willingness to offer a starting point.”

Once passed, the bill’s funding would come from a combination of local matching grants and money from the Florida Communities Trust. Under the legislation, flood grants and assistance will prioritize programs and projects that would greatly benefit and improve the state’s Community Rating System score—a rating system set by the National Flood Insurance Program.

The plan is closely associated with Amendment 1 funding, which calls for the state procurement of coastal land for preservation.

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