The Flood Insurance Relief Act allows individuals to deduct their flood insurance premiums directly from their taxable income, similar to other above-the-line deductions. The deduction applies to premiums paid for either federal flood insurance through the National Flood Insurance Program or private flood insurance, and also includes federal policy fees and surcharges associated with flood coverage. However, the deduction is limited to taxpayers with adjusted gross incomes below $200,000 (or $400,000 for joint filers), meaning higher-income households cannot claim this benefit. The bill, introduced by Florida Senators Rick Scott and Katie Britt in July 2025, would take effect for tax years beginning after its enactment and aims to reduce the financial burden of flood insurance costs for eligible homeowners and property owners in flood-prone areas.
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