Flood insurance rate hikes up to 999 percent slam Florida
Never mind actual floods. Floridians say huge jumps in flood insurance bills are trapping them in their homes.
How big? Try 999 percent.
Ask Aaron Greenwood. He purchased a home this year figuring the flood premium was $4,397 a year. He never imagined a a nearly 1,000 percent increase to $43,885.
“I would not have purchased this home if I had been aware of the increased flood insurance premiums,” said Greenwood, 43. “I cannot pay the new premium. I cannot sell this home with a flood insurance rate of over $43,000 a year.”
The married military veteran with two children in Pinellas County provides a striking example from a “friend of the court” brief Florida officials filed this week in a case Mississippi has brought against the Federal Emergency Management Agency.
Florida has more properties than any other state affected by the sharpest immediate increases, with more than 268,000 including more than 4,000 in Palm Beach County.
Yikes… More here…
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first “DIRTY” FORECLOSURES FOR MONIES JUDGE’S NEED MORE MONES, THEY’RE RUNNING OUT OF HOMES TO FORECLOSE now it’s insurance people can’t afford now, What next ???
Funny how the govt wants to raise flood insurance premiums in florid uh and tampa Bay Area has not had a hurricane hit in over 80 years….80 years, do I smell profit?
I am a Floridian and we are a ‘sinking’ state in more than just one sense of the word! We have yet to recover from the financial crisis (caused by none other than whom?) and now add the crisis of the flood renewals which will ultimately put another load of foreclosed homes on the market. Even foreclosing on these homes there won’t be any buyers willing to take on such premiums. Granted, with the hurricanes we had and the devastation that it caused could not be helped, but yet FEMA kept allowing over and over and over again for these homes to be re-built and sometimes the SAME home 3 times over! Most of these homes were right on the coastal areas, usually the hardest hit. The state allowed developers to come in and build these gynormous homes, destroying any and all of the natural barriers. Now, the rest of those who are in flood zones are paying dearly for the state’s and FEMA’s mistakes. It never made sense to allow these people to continue to rebuild over and over again. Now, FEMA is nearly bankrupt…..gee, wow, I wonder why!