Florida Gov. Rick Scott said he is “deeply troubled” by the potential impact of pending flood insurance premium increases and is asking for changes that will lessen the burden on homeowners.
In a letter Tuesday to Florida Senators Bill Nelson and Marco Rubio, Scott says Florida could be devastated by the rate hikes as homes become unaffordable.
The Palm Beach Post wrote about the upcoming flood insurance increases Monday. For less than a $1 you can read the full story here with interactive maps. The Biggert-Waters Flood Insurance Reform Act of 2012 could increase some premium costs by 1000 percent.
“This cannot be what Congress intended,” Scott said. “Over the past 35 years, Florida’s families have paid into the National Flood Insurance Program over $16 billion, four times more than the amount they have received in claim reimbursements.
“We have done more than our fair share to make the NFIP financially sound,” he said.
Beginning Oct. 1, homebuyers who purchase a property that received subsidized flood insurance rates will have to pay full price. Business owners with subsidies will pay a 25 percent increase until the full rate is reached. As of Jan. 1, owners of second homes with subsidized rates started paying the full rate when their policy renewed.
You can leave a response, or trackback from your own site.