The Tower Hill Insurance Group has announced proposed legislation from Senators Rick Scott and Ashley Moody on LinkedIn. The legislation aims to offer tax deductions to homeowners carrying flood insurance.
According to the Florida Press, the proposed Flood Insurance Relief Act offers a non-refundable federal tax deduction for homeowners who pay flood insurance premiums, whether through the National Flood Insurance Program (NFIP) or a private insurer. This deduction is intended to lower taxable income, making flood coverage more accessible for eligible taxpayers and incentivizing continued protection. By making premiums deductible, the legislation encourages more widespread enrollment in protective policies.
Legal Clarity reports that reciprocal insurance exchanges, which are member-owned cooperatives where policyholders pool risk, are increasingly popular in Florida. Under the Act, premiums paid to these cooperatives qualify for the same federal deduction, placing them on equal footing with NFIP and traditional insurers. This parity promotes greater use of member-controlled models, potentially lowering costs through shared governance.
According to Congressman Byron Donalds’ press release, by extending eligibility for the deduction to policies under reciprocal exchanges, the legislation supports community-based insurance models that emphasize subscriber equity and shared risk. Congressional sponsors highlight that including private and NFIP policies, as well as those issued by reciprocal insurers, expands consumer choice while fostering flexible alternatives. This structure aligns incentives for affordable flood protection in high-risk states.
Founded in 1972, Tower Hill Insurance is a leader among residential and commercial property insurers. Headquartered in Gainesville, Florida, with additional offices in Lexington, Palm Beach Gardens, and Dallas, Tower Hill provides a range of products through a network of agencies. These include homeowners’, renters’, commercial, and flood insurance. The company is known for its commitment to service excellence, integrity, and customer care. It is family-run and guided by values of teamwork and growth while operating several affiliated carriers: Tower Hill Insurance Exchange, Tower Hill Prime, and Tower Hill Specialty.
