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Properties that have been sold, sold in flood zones, after the passage of the Biggert Waters Flood Act, contain latent defects that, defects that were hidden from those who purchase that property.

The undisclosed deflect is the wildly inflating flood insurance that has destroyed the value of homes all across Florida.

There are people….many people who knew this was an issue and sold homes anyway….knowing full well that the person who bought the home was the sucker.  And those people are gong to be sued.  And those people will pay damage:

In a rare show of legislative harmony, virtually all of Florida’s political might from Tallahassee to Washington, D.C., is rallying to fight a surge in flood insurance rates.

In Washington, Florida’s two senators, Democrat Bill Nelson and Republican Marco Rubio shared a podium Tuesday morning with other senators in a push against a flood program makeover that is raising annual rates for some property owners from roughly $2,000 to more than $10,000.

In a Clearwater rally that drew more than 200 people, Gov. Rick Scott decried the rate hikes that took effect Tuesday as something that could “destroy” Tampa Bay’s real estate recovery.

 

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