2nd flood insurance bill floated in House as legislation hits turbulence | The Florida Current

The state legislature is attempting to find ways to entice private insurers to write flood insurance in Florida, but is having a tough time putting alternatives together. They are aiming for affordable premiums, but in the end the policy has to have some meaningful benefit that allows the property owner to repair all of the flood damage. Some versions of the bill include provisions to only pay the amount of the outstanding mortgage. All this is a result of Congress re-working the national flood insurance program which has the prospect of increasing rates dramatically and making certain properties unaffordable. Click title for link. Here is what is happening in Congress:

Congress has made noises about delaying the rate hikes for four years but Brandes wants to move ahead with a private-sector plan either way. The U.S. Senate has passed the four-year delay, but the measure has not yet passed the U.S. House.
“The bill in front of Congress right now delays it for four years, but what happens in year five? And if you’re going to sell your home ... the buyer is going to want to know what the rates are in year five and year six and year seven,” Brandes said.