Our network

Mayor's Corner: Biggert-Waters Act | Politics

Title (Max 100 Characters)

Mayor's Corner: Biggert-Waters Act
Politics
Mayor's Corner: Biggert-Waters Act

Gulfport, Florida -- By now many of you are aware that the Biggert-Waters Act, also known as the Flood Insurance Reform Act of 2012, could take effect for some property owners this month. The intent of this federal level act is to eliminate government subsidy of properties at risk of flooding by increasing flood insurance rates to reflect the real risk cost. The problem with this is that affected property owners will be seeing dramatic, and potentially unmanageable, increases to their flood insurance premiums in the very near future. 

I have already spoken with residents whose annual flood insurance premiums could become greater than their annual mortgage payments. In Gulfport, 16% of property owners are likely to be impacted to varying degrees. Other coastal communities, such as South Pasadena and St. Pete Beach, have much larger property percentages that will be subject to these changes. 

While it is smart planning to get insurance premiums in line with the actual risk of potential flood damage costs, the brief time period for rate increases currently proposed in the act have the potential to displace people from their homes and businesses. This policy, if not amended, could effectively be an eviction notice for some of us. 

 [READ MORE]
Politics

Pinellas County Deals

Pinellas County Businesses