Flood insurance real challenge for Dunedin, Fl

The Biggers-Water Act passed in June 2012 takes effect in Florida on October 1, 2013. The effects of this law that requires older homes in flood prone areas to pay higher premiums could devastate the Dunedin homeowners. Any homeowner who purchased a home after June 2012, let their flood insurance lapse, or not using the home as their primary residence will see immediate rate increases. Pam Dubow, Pinellas County Tax Appraiser notes there are 1189 single family homes out of Dunedin's 9,870 single family residences that are pre-FIRM homes...meaning they were built before Flood Insurance Rate Maps were adopted 1970's and 1980's.These 1189 homes are in the high risk flood zones and will see rates increase at much as 25% a year until they reach the new rate structures. This law is painful as homeowners could see a current rate of $2000 a year jump to $10,000 or more.  There is growing concern homeowners may just walk away from their homes if they can not afford the new coverage. This could devastate home values in those affected areas.