Flood insurance nightmares

As many Florida property owners brace for higher flood insurance premiums starting next Tuesday, Oct. 1, legislators from Florida and other coastal states worked overtime to convince Congress to hit the pause button on implementation of the federal Biggert-Waters Act passed last year.
“Florida has paid over $16 billion in premiums to the NFIP since 1978, but the program has paid out only about $4 billion in claims here,” says John Sebree. Senior VP of Public Policy for Florida Realtors,  “Instead of floating the rest of the country, we might be able to rely on the NFIP for mapping and such, and process premiums and payments through a state CAT fund for flood insurance.

Many Floridians are facing catastrophic raises in premiums that could force them out of their homes.

Source: Florida Realtors Organization