Flood Legislation – Hope for Florida Property Insurance Policyholders
The House finally came to its senses last week and amended the 2012 Biggert-Waters act by scaling back flood insurance rate increases. This is not only good news for longtime homeowners in coastal areas but also will help revive the real estate market which made some homes too expensive due to substantial flood rate increases. Amongst the positive changes are that new homeowners will not have to immediately pay full rates and those long time residents holding existing policies will see more gradual increases.
But don’t go out and celebrate yet. The bill still needs to be reconciled with the Senate Bill, second homes (so vital to the Florida economy) are not included and most importantly that actual insurance and how it covers propertyowners still could use a major overhaul. You can read a summary of the bill here. It’s a start and we’ll keep our fingers crossed that we are heading in the right direction.