It looks like 2014 might be a much better year for many Floridians who live near the water and pay flood insurance. Congress is stepping up their game and requiring FEMA to stop implementing changes to premiums so they can investigate and report to Congress on the importance of the increases in insurance. If this bill is not passed we will start to see many owners have to sell their home or even worse, go into foreclosure.
Below is an overview of an article from RealtorMag
“”This bill is going to come to the floor very, very soon,” Sen. Chuck Schumer (D-N.Y.), a member of the Democratic Senate leadership, said yesterday at a press conference held on Capitol Hill. NAR President-elect Chris Polychron joined the senators on the podium to show NAR's support for the bill.
The bill is called the “Flood Insurance Affordability Act” (S. 1846), introduced by Sen. Robert Menendez (D-N.J.), and today has 28 sponsors from both parties. It would require the Federal Emergency Management Agency, which administers the federal flood insurance program, to stop implementing changes to premiums so it can investigate and report to Congress on the magnitude of these increases. FEMA has been phasing out longstanding premium subsidies to certain home owners and requiring premiums to rise to their actuarial level. But questions have been raised by lawmakers, industry groups, and consumers about the accuracy of the levels that are being set.”
It's not just the rich who live on or near the water, but elderly people who bought their home years ago and are on a fixed income will get hurt as well. If your insurance went up 8-10 fold, how would that effect you? This is a serious problem we all need to address. It can have a negative effect on property values throughout the state of Florida. Please reach out to your U.S. Members of Congress.
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