Florida Realtors are rushing to gather sworn testimony about the effects of this month’s “drastic” flood insurance rate hikes to strengthen a Mississippi lawsuit meant to block increases before people are priced out of their homes.
The lawsuit, which Florida will support with a friend of the court brief, claims the massive changes made to the National Flood Insurance Program were approved by Congress in 2012 without consideration of policy holder impact or an affordability study required in the legislation.
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Flood policies go higher
As of this month, homebuyers who purchase property that previously received a subsidy to pay for flood insurance must pay full price.
Business owners who received a subsidy face annual 25 percent increases in premiums until the full-risk rate is reached.