Wednesday, September 18, 2013

Scott 'deeply troubled' by looming flood rate hikes, urges U.S. Senate action | The Florida Current

We talked about this on the last edition of High Noon in Lake Worth and the implications for Florida property owners. Governor Scott is making a plea to re-examine the changes which eliminate subsidy of the National Flood Insurance Program starting October 1. It also coincides with new flood maps which expand flood zone risk areas. Click title for link to article. Here is what the Governor is saying.
“In cases where new maps move a property into a flood zone, homeowners may find it impossible to sell their properties to a new owner who will be shocked with the massive premium increases required to secure a mortgage. This unfair consequence could devastate parts of Florida’s real estate market, stymie Florida’s economic recovery, and diminish the state’s tax base,” Scott’s letter states.