Florida Realtors gather testimony about flood insurance price... | www.mypalmbeachpost.com

Major flood insurance increases are on the way. The disarray in Congress is not helping matters and states have taken action in an attempt to delay or change the law. Click title for link to article. Here is the crux of the issue:

Mississippi’s suit is against U.S. Department of Homeland Security and FEMA. On Friday, National Association of Realtors President Gary Thomas sent a letter to FEMA Administrator Craig Fugate asking that he defer the “drastic” rate hikes.
“Reports from Realtors nationwide indicate double-digit premium increases, decreasing property values and stalled markets due to increasing premiums and regulatory uncertainty,” Thomas wrote.
Florida has about 269,000 property owners who are affected by the early changes — about 13 percent of all policyholders and by far the most of any state.
In Palm Beach County, just 3 percent of policies, or 4,834 properties, will see rate increases from the act as they lose subsidies from the flood program. But those rate hikes can be substantial — up to seven times higher, according to some examples from the west coast of the state.