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

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.

_______________________________________

Panama City News Herald article on Flood Insurance

 

_______________________________________

     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

_______________________________________

 

      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

 

Exclusive Representation for Buyers and Sellers 

Call Fred  850-545-1901

 

 Realtor logo       HUD Logo Fair Housing

 

 

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

Comments

This sounds like a great thing as I live by the Gulf Of Mexico. Hope it becomes true.

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) almost 4 years ago

Unfortunately Washington is a reaction machine rather a governing body that thinks through laws that will support the people. They should not have had to fix the problem they created.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 4 years ago

I guess that that helps a lot of people, Fred.  And, I hope that it was enacted.

Posted by Marshall Enterprises, Antiques, Lawn Care, and Trashouts (Marshall Enterprises ) over 3 years ago

I believe that this was Enacted!

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 3 years ago

Participate