The Flood Insurance Relief Act aims to provide financial relief to individuals by allowing them to deduct flood insurance premiums from their taxable income. The main objective is to encourage property owners to secure flood insurance, which can help mitigate the financial impact of flooding events. The key provision of this act is the introduction of a new tax deduction for qualified flood insurance premiums. Individuals can deduct these premiums from their taxable income if they own property and have paid for flood insurance during the tax year.