Rosenfeld Realty Advisors: FLOOD INSURANCE REFORM?? HERE WE GO AGAIN?

I promised to keep an eye on this one and here is a serious update. This time the House has approved a bill, by a huge margin, to reform flood insurance. Since the last time this effort failed it was the House that killed the measure that had been approved in the Senate, there is hope that it will finally succeed this time. Rates will not be able to increase by more than 18% on primary homes if it passes. In a clever move to avoid the deficit from being further raised, fees of $25 for homes and $250 for businesses would be imposed to pay for it. Could this finally be the end of this issue?? How many hours, dollars and foreclosures did it take to get here, assuming we are there? How could an issue like this take so long to figure out? It seems like there are so many other issues out there that deserve more attention, this one should have been easy. A great example of politics at work, but at least they may have finally figured out this nagging and important issue that affects so many Floridians. As soon as there is another update here rest assured you will see it here in short order. As always thanks for reading and have a great day.

U.S. House passes flood insurance bill

http://www.bizjournals.com/southflorida/blog/morning-edition/2014/03/us-house-passes-flood-insurance-bill.html?ana=e_sflo_rdup&s=newsletter&ed=2014-03-05

PALM BEACH COUNTY FLOOD MAPS REDONE IN A YEAR?? MAYBE LONGER??

OK if you are a Palm Beach County resident and have high blood pressure, heart issues and live in a flood zone you might want to skip this posting. You see we are so far behind Broward County on this issue that we are not even sure when this will be done. Broward on the other hand, has completed their revamping of the flood insurance maps and the changes will take place this August! Now this is misleading, because this decision and process has no input or direction from the counties in question. It is completely run and on the time table of the Federal Emergency Management Agency (FEMA). They finished the preliminary Broward maps in 2011 but didn’t get the final approval on them until last month. So when will Palm Beach Counties maps be done? That is the million dollar question, and there is only a vague answer that it could take up to a year. Or it could even take longer than that. FEMA started the process later in Palm Beach County than Broward for some unknown reason, and now we have a grossly inequitable situation on our hands. I wouldn’t be surprised to see some suing happy person trying to get compensated for this somehow in a lawsuit. Sure makes you feel like a 2^nd class citizen living in Palm Beach County on this one. You can be sure that this one will be updated when there is more news on it. As always thanks for reading and have a great day.