Property owners who opt to purchase flood insurance in the private market rather than through the National Flood Insurance Program (NFIP) may do so under current rules, but they may be charged higher rates if they want to return to NFIP coverage. But there's hope for a change: H.R. 2901, the "Flood Insurance Market Parity and Modernization Act," unanimously passed the U.S. House of Representatives Thursday. It now goes to the Senate for consideration. If approved by the Senate, it then needs … [Read more...]
Florida Consumer Advocate Questions Citizens’ Rate Hike
TALLAHASSEE, Fla. – Sept. 3, 2015 – Florida's new insurance consumer advocate wants Insurance Commissioner Kevin McCarty to "strongly consider" the large amount of reinsurance purchased by the state-backed Citizens Property Insurance – and to do it before the Florida-owned firm makes a decision about its requested 3.2 percent rate hike. Consumer advocate Sha'Ron James also asked McCarty in a letter Monday to review Citizens' debt financing and water-loss claims before setting rates for … [Read more...]
Second Homes – Flood Insurance Increases
Bill Protects Second Homes from Flood Insurance Increases WASHINGTON – July 8, 2015 – Reps. Patrick Murphy (D-Fla.) and Carlos Curbelo (R-Fla.) want to extend a law that limits annual flood insurance premium hikes. The law currently covers owners of Florida primary residences, and the lawmakers want it to also cover owners of second homes and rental properties. While a number of Florida homeowners and investors would hail passage, however, its eventual passage is a long shot. The … [Read more...]
FLOOD INSURANCE UPDATE – Useppa Island Real Estate
Important Flood Insurance Update Information for Southwest Florida Hurricane Katrina and Super Storm Sandy had devastating impacts on commercial and residential properties that effected hundreds of thousands of businesses and households. Both storms caused significant flood damage, exposing several deficiencies in the Federal Flood Program managed by FEMA. The public scrutiny lead to significant changes in certain local flood mapping, which lead to significant rate increases. This lead to … [Read more...]
Looking to buy real estate near the water? Update on Flood Insurance Rates
Useppa Island Real Estate Continues to Watch Flood Insurance Rates. Lloyd's of London and other private insurers have muscled into the market, picking up customers stunned by rate hikes under the National Flood Insurance Program. The emergence of private companies into the market could be a boon for thousands of Floridians who face huge rate increases under the federal program because their homes were built decades ago in low-lying areas. Lloyd's, the venerable London-based institution, began … [Read more...]