After Hurricane Debby hit Florida and with the tropics entering its peak season, Floridians are hoping their property insurance doesn’t increase.
Based on a series of bills passed by the state legislature, insurance analysts say it could still take 15-24 months before cost could stabilize or actually decrease.
Now, more help could be on the way from the federal side. Florida Sen. Rick Scott has introduced legislation that would provide a property insurance tax deduction for Florida homeowners.
It’s called the Homeowners Premium Tax Reduction Act. If passed the act would allow homeowners an above-the-line tax deduction of up to $10,000 of premiums paid for homeowners’ insurance annually at their primary residence.
“While the business of property insurance is handled by the states, there is one thing the federal government can do to help lower costs for families,” said Scott.
Some state officials applaud the move by Sen. Scott as a win for Florida consumers. Florida’s CFO Jimmy Patronis said he supports the proposal.
Patronis said if you coupled the successful My Safe Florida Home program and the Home Hardening Sales Tax Exemption, the Senators approach to deduct up to $10,000 in annual insurance premiums from your taxes would be a huge win for the state of Florida and the nation.
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