Soon, many Floridians are going to start asking very hard questions:
Should I Continue to Make My Mortgage Payment When Flood Insurance Is Rising And My Property Value Is Lost Completely?
Soon, very soon, monthly statements will come from consumers from their banks where the bank demands hundreds or even thousands of dollars a month additional payment in order to keep their account current. If a homeowner’s flood policy increases from $2,000 to $4,000, that increase will be demanded in each month’s new payment.
Some families might swallow that additional payment.
But when the annual premium will be going up, and up, and up, and up each year until the $20,000 per year premium is paid why should a family make the first payment?
There are very hard numbers and even more difficult economic realities that are taking impact here that citizens and elected officials are completely failing to take into account. Entire neighborhoods are going to be decimated. Millions of people impacted by this have already lost hundreds of millions of dollars in value.
For many families, they need to make a hard decision, right away to stop the bleeding immediately and walk away. Walk away. Abandon homes and abandon whole communities.
