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Flood insurance rate hikes a growing concern

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Posted: Friday, October 18, 2013 2:57 pm | Updated: 6:30 pm, Fri Oct 18, 2013.

SARASOTA COUNTY, FL - Flood insurance hikes could price some out of homes. Now Florida lawmakers are talking alternatives to the federal program.

Meanwhile those in the real estate business are worried it could make older homes in certain flood zones un-sellable. Homes built before 1975 which are not elevated are at a greater risk of seeing skyrocketing prices. Secondary homes and those bought after July 6th of last year too.

In some instances they say costs have gone from around $12,00 a year to more than $4,000. "My feeling and the feeling of the industry is these homes in 'A' flood zones, which there are thousands of in this county may become non-sellable because of the scare of how much risk a person would be taking on," says Gulf Coast Realty agent Dan Heschmeyer.

Last week the Senate Banking and Insurance Committee talked about the issue. Saying Florida is already paying out four times more then it takes back in claims. The state might also look at opting out of the federal flood insurance program and starting their own.

We will have much more on that coming up tonight at six on ABC 7.

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Welcome to the discussion.

1 comment:

  • dgardner2000 posted at 5:36 pm on Fri, Oct 18, 2013.

    dgardner2000 Posts: 14

    If my flood insurance went from $12k to $4k I would be a happy camper.

     

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