If you own or are planning to buy a home that requires flood insurance, you should be giving some careful thoughts to the way things are moving. One recent report warned:
“. . . . lawmakers must respond to the unintended consequences of the Biggert-Waters Flood Insurance Reform Act of 2012, which could harm the state’s economy.”
The biggest hit will be to an estimated 268,000 Floridians whose homes were built before 1974 and are in high risk flood zones. They will lose their subsidized rates when they sell their homes. For some homes, the increase could mean their rates will rise from $500 to $16,000, the committee was told.
Thousands of other homeowners, including many who purchased homes in the last year, also face soaring premiums because of new flood maps that take effect as a result of the act.