Homeowners Insurance: Tax Deduction for Premiums
The Senate Committee on Finance received this bill in January 2025 for review. It has not moved since that date and remains stalled in the committee process. The committee must take action before the bill can move forward to the full Senate.
While the bill addresses a major concern for many voters, it faces a difficult path because it would significantly lower tax revenue and lacks broad bipartisan support.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Renters do not pay homeowners insurance on a residence they own, so they get no direct benefit from this deduction even though many face high rents partly driven by landlords' rising insurance costs. The bill does nothing to address renters insurance or rental cost pressures.
“qualified insurance premiums' means annual policy premiums paid or incurred for homeowners insurance with respect to the principal residence of the individual.”
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
The bill would provide homeowners with an above-the-line deduction of up to $10,000 for premiums paid for homeowners' insurance annually on their primary residence, aiming to ease the financial burden of high insurance rates.
Senator Rick Scott introduced a bill that would provide homeowners a tax deduction of up to $10,000 for premiums paid annually for property insurance, citing the need for relief from skyrocketing costs.
The article discusses the introduction of the Homeowners Premium Tax Reduction Act, noting critics' concerns that the deduction primarily benefits those who itemize, while Scott argues it provides essential relief for Florida families.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Homeowners Premium Tax Reduction Act of 2025
Analysis generated by AI. Always verify with official sources.