Flood Legislation – Hope for Florida Property Insurance Policyholders

by Charles R. Tutwiler on 3/12/2014

The House finally came to its senses last week and amended the 2012 Biggert-Waters act by scaling back flood insurance rate increases. This is not only good news for longtime homeowners in coastal areas but also will help revive the real estate market which made some homes too expensive due to substantial flood rate increases. Amongst the positive changes are that new homeowners will not have to immediately pay full rates and those long time residents holding existing policies will see more gradual increases.

But don’t go out and celebrate yet. The bill still needs to be reconciled with the Senate Bill, second homes (so vital to the Florida economy) are not included and most importantly that actual insurance and how it covers propertyowners still could use a major overhaul. You can read a summary of the bill here. It’s a start and we’ll keep our fingers crossed that we are heading in the right direction.

Filed Under: Tagged With:
Total: 0 Comments


"On Property" Insurance Claim Tips Blog

Tips and advice about how to properly file and protect your property damage insurance claim and get a fair settlement. We invite all readers to ask questions about their claim so our public adjusters can post answers for others to benefit. Insurance claim expert guest bloggers welcome to submit posts via our contact form.

Categories

Tags

Local Office

Tutwiler & Associates Public Adjusters, Inc.
Licensed Public Insurance Adjusters & Loss Consultants
Offices: Tampa, Orlando, Palm City, Ft. Myers, Florida; Dallas, TX; Pittsburgh, PA

Executive Office
4300 W. Cypress St.
Suite 780
Tampa, FL 33607
Phone: 813.287.8090
Toll Free: 800.321.4488

Licensed in Florida # W840088 &
Texas #1399706 plus 16 other states
and the Virgin Islands