Fred Griffin

Sky-High Flood Insurance Rate Increases - Stopped by Bipartisan Congressional Bill?

     Florida Governor Rick Scott is hailing the agreement in Congress today that would stay massive Flood Insurance rate increases for at least 4 years.

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Panama City News Herald article on Flood Insurance

 

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     The agreement was reached between U.S. Representative Maxine Waters, California Democrat (who co-authored the damning "Biggert-Waters Act" that portended the rate increases), and other Congressional leaders.  A companion bill is expected to be filed by U.S. Senator Bob Menendez, New Jersey Democrat.

_______________________________________ Bloomberg Article on Flood Insurance Rate Increases

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      Just yesterday, the Sarasota (Florida) Herald Tribune said,

     "Far from just a problem for rich people who live on the beach, steep flood insurance rate increases approved by Congress last year largely will hit middle- and working-class homeowners who can least afford the higher costs." 

 

     Reuters reports today, 

     "House and Senate members have reached a bipartisan agreement to delay by at least four years a flood insurance rate hike that would impact more than a million homeowners, according to congressional sources."

 

 

     The Biggert-Waters Act would require the Federal Government to stop paying Insurance Subsidies for homes in high-risk flood zones.  Millions of American Home Owners who live in low-lying areas, or even next to drainage ditches, swamps, or canals, might see staggering rate increases in their Insurance Premiums.

Sarasota Herald Tribune on Flood Insurance Agreement

  

 

      Florida Governor Rick Scott is hailing the agreement in Congress today that would stay massive Flood Insurance rate increases for at least 4 years.

 

Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Tallahassee Florida Metropolitan Area

and the Coastal communities of

Shell Point Beach, Live Oak Island, Wakulla Beach, Saint Marks, Panacea

 

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Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Disclaimer:  Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comment balloon 4 commentsFred Griffin • October 28 2013 06:47PM
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