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News & Press: Chamber News

Flood Insurance Rates To Skyrocket based on new Federal Act.

Friday, September 13, 2013  
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Flood Insurance Rates To Skyrocket based on new Federal Act.

Dear Chamber Member –

You should be aware of a new federal law passed last year that targets high-risk flood zone properties receiving subsidized flood insurance rates and "grandfathered” flood insurance premiums.

Schedule to start October 1, 2013 - The Biggert-Waters Flood Insurance Reform Act of 2012 will have a significant impact on many Pinellas County and St. Petersburg homeowners and business property owners.

A significant number of property owners will incur a 25 percent annual rate increase, which according to some reports could be a $14,000 rate increase difference.

Pinellas County is the No.1 county in Florida and the nation impacted by this new law, and accounts for 51,000 of the policies impacted by the flood insurance premium increases.

  • On October 1, 2013, there will be 1,400 Pinellas County businesses and 5,200 homes in high-risk areas that will immediately lose their flood insurance subsidy.
  • The 24,000 properties in Pinellas County that had a change in ownership after this law was signed on July 6, 2012 will have to pay the non-subsidized rate which could be more than three times what the previous owner paid annually for flood insurance.

While we understand the need to strengthen the financial stability of this national flood insurance program, we do believe it requires further study to ensure equitable and proportionate increases across the country. We believe our homeowners, property owners and our entire real estate market requires careful considerations to ensure we all move forward with the momentum of a recovering economy.

Contact Your U.S. Senator immediately to delay scheduled rate increases, scheduled to go into effect October 1, 2013 until FEMA can submit its report so that Congress understands the full impact of these reforms on homeowners.

U.S. Senator Bill Nelson:D.C. Office (202) 224-5274

U.S. Senator Marco Rubio:D.C. Office (202) 224-3041

For additional information, please click here

If you need additional information, feel free to contact Travis Norton, Advocacy Manager with the St. Petersburg Area Chamber of Commerce at 727-388-0682 or email Travis Norton.

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St. Petersburg Area Chamber of Commerce | The Chamber Building | 100 Second Avenue North, Suite 150 St. Petersburg, FL 33701-3351
Phone: 727.821.4069 | Fax: 727.895.6326