The reporting is becoming more and more persistent…people are starting to realize that they’ve lost everything. All the equity in their homes is gone. Entire sectors of the economy have been devastated. Realtors that worked Florida marketplaces can kiss their jobs and livelihoods goodbye.
And while there are whispers of solutions or ways to work around this catastrophe, I can tell you that the changes are here and this problem is not going away. With talk of a complete federal government shutdown, there is zero chance that Congress will do any thing to address this catastrophe and the state is completely incapable of doing so.
Photo credit: Val Huffman www.noframes.ca
With that in mind, I wanted to provide 10 Flood Insurance Key Facts that all consumers need to know:
1. Flood insurance rates will rise 25% per year….indefinitely.
2. Florida has 4 times the policies of any other state
3. Florida paid $16 Billion, received just under $4 billion over the 35 year life of the program
4. Florida alone would be paying 60% of the premiums for the entire country.
5. Florida has approximately 2 million flood policies
6. 270,000 Florida properties could face huge flood insurance rate hikes, three times more than the next most-affected state, New Jersey.
7. Pinellas County accounts for 51,000 of the policies impacted by the Biggert-Waters changes
10. The Biggert Waters Flood Act Will Cause Complete Devastation of Florida Real Estate!
There are steps that can be taken, and steps that must be taken to protect your livelihoods and investments, but they must be taken immediately. Contact my office for a free guide and to set up a consultation!
