This is no walk down Worth Avenue by Rick Scott! The Senate is expected to take action this week and it will result in relief for Floridians. The measure is expected to “block, repeal or delay many key provisions of the Biggert-Waters Flood Insurance Reform Act”.
Both parties seem to be on board with this measure, which was slipped in a transportation bill. This is a fine example of politics here! The Biggert-Waters Flood Insurance Reform Act was sponsored by a Republican and a Democrat and passed in 2012. Now one of the sponsors is leading the fight to repeal it! The history behind this is important and warrants telling. The purpose behind the act was to reform the nations flood insurance program. It was badly needed after it nearly went bankrupt due to the recent storms that we suffered. It was $24 billion dollars in debt. So the idea was to shift the responsibility from the Government to the homeowner. Everyone agreed that this sounded good and so it was passed. But they didn’t realize that in order for it to work it would substantially raise the premiums of the affected homeowners, in some case to 10 times higher than what they were paying. This went hand in hand with the value of the properties sinking, effectively trapping them in the homes they could no longer afford or sell. So despite the little drama on Worth Avenue the other day, this is the real deal on flood insurance. By next week this will be one issue that Floridians no longer have to worry about. Yahoo! What do you think about this?
Popular Flood Insurance Law Is Target of Both Political Parties
Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434
Phone: 561-756-1665
Fax: 561-470-0707
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