Florida Gov. Rick Scott is deeply troubled by the potential impact of flood insurance rate hikes and is asking for changes to legislation that one leading senator called a mistake during a congressional hearing Wednesday.
In a letter to Florida senators Bill Nelson and Marco Rubio, Scott said parts of Florida’s real estate market could be devastated by premium increases that will make homes unaffordable under the Biggert-Waters Flood Insurance Reform Act of 2012.
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Beginning Oct. 1, homebuyers who purchase property that previously received a subsidy to pay for flood insurance will pay full price. Business owners who received a subsidy on their properties will see annual 25 percent increases in premiums until the full-risk rate is reached.
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How Florida cities are affected: http://www.mypalmbeachpost.com/flood-rates