It seems like the government shutdown and flood insurance are all anyone is talking about in Tampa these days. It seems like the government always finds a way to kick people when they are down. It’s not just the rich how have to buy flood insurance policies. A lot of lower income and middle income people live near the water.

Cost of Flood Insurance Rises, Along With Worries
“Sharp increases in federal flood insurance rates are distressing coastal homeowners from Hawaii to New England and are starting to hurt property values and housing sales in areas just beginning to recover from the recession, according to residents and legislators.

An estimated 20 percent of the property owners with federal flood insurance received these subsidies as the new law went into effect, and their premiums will rise, in some cases precipitously, either now, over the next several years or whenever they sell their properties. The exact amount of the increase depends on the home’s elevation above flood level.

Approved by Congress in July 2012 as part of a wide-ranging transportation bill, the Biggert-Waters Act was intended to regain control of an increasingly unsustainable National Flood Insurance Program. The subsidies within that program, in the view of critics, encouraged development in risky areas and led to costly claims after catastrophic events, payouts that were borne largely by those paying market rates.”

Florida new station talks about the flood insurance hikes. Premiums could go up as much as 500%.

People not only pay for flood insurance when they own a home but you pay as renters as well. Of course renters are not paying the insurance companies directly –  they are paying their landlord indirectly through the rental increases. If you live in a home the federal government will find a way to get you coming or going.

If you have any questions about the Tampa real estate market or home prices please visit Tampa2Enjoy.com.