UPDATED JUNE 1, 2015 —–> More Flood Insurance Changes
Storms and potential flood issues are of considerable concern for the Sunshine State. The coastal areas are the ones that people assume are associated with flood insurance, but low lying areas throughout the State are also subject to flooding issues.
FEMA has recently created new flood maps that have been put in to place. These new maps are placing more areas into flood zones and that’s creating the need for more Florida flood insurance.
But, change in FEMA maps are not the only changes that have caused alarm in the pas couple of years. Changes at the legislative level in 2012, referred to as the the Biggert Waters Act, intended to gradually phase-out subsidized rates flood insurance rates for about 20% of property owners. As soon as the Biggert-Waters laws were passed, there was a public outcry about the changes. Florida was hit harder than most states in terms of insurance rate increases and the law threw ice water on a real estate market that was just starting to emerge from one of the worst downturns in history. But, seemingly, as soon as the law was passed, it went away…or did it?
On March 13, 2014, Congress amended the 2012 Biggert-Waters law with the “Homeowner Flood Insurance Affordability Act.” The 2014 Amendments strive to resolve many of the unintended consequences due to implementation of Biggert-Waters, but many concerns still exist. Chris Coleman of the Coleman Insurance Agency in Dunedin, Florida join us to discuss how the laws will affect the market and what investors can expect for the future. This is a show you will not want to miss as making a mistake on calculating flood insurance for the future could prove to hazardous to your bottomline on your real estate investments.
Chris Coleman can be reached at —->