Floridians with flood insurance are about to get a sticker shock if they haven’t already. Rates are jumping by a minimum twenty percent a year.
The increase is due to legislation taking effect October first, parts of which kicked in January first.
Florida realtors’ told the Governor and Cabinet Tuesday that the increases could cripple a recovering housing market.
“This reform measure will in affect lock current homeowners into their property. They will not be able to sell because no one will be able to afford to buy after they learn what the flood insurance premiums will be in Florida,” said Florida Realtors Assn President Don Asher.
Governor Rick Scott has already called on Congress to delay the hikes.
37% of all flood insurance policies sold are in Florida.
The state only gets 25 cents in claim settlements for ever dollar it pays into the program.