The Flood Insurance Relief Act aims to provide financial relief to individuals who pay for flood insurance by allowing them to deduct these premiums from their taxable income. The main goal is to encourage more people to purchase flood insurance, which can be crucial for protecting property in flood-prone areas. Key provisions of the Act include the introduction of a new tax deduction specifically for flood insurance premiums. Individuals can deduct the cost of qualified flood insurance premiums paid during the tax year for properties they own.