Tampa Bay realtors worry about flood insurance rate hike - WSPA.com

Tampa Bay realtors worry about flood insurance rate hike

Posted: Updated:
CLEARWATER, FL (WFLA) -

Just as sales are starting to rebound, some Tampa Bay realtors worry skyrocketing flood insurance rates could flood the housing market.

"You're gonna have the sellers that can't afford their insurance in a year or two and all of the sudden they have to sell their property," explained realtor Martha Thorn. "It's gonna create problems with appraisals and if that happens, that will definitely bring values down."

The Biggert-Waters Flood Insurance Reform Act is set to start Oct. 1. The law, which passed last year, ends the federal subsidies for flood insurance many homeowners have relied on for decades. Homeowners in certain low-lying areas could see their rates gradually increase.  Other homeowners, who recently purchased older homes, could see their rates immediately double, triple, or increase even more than that.

Related story: 07/17/2013 Flood insurances rates could increase

"Most people have mortgages on their homes, so they're not going to be able to drop their coverage, but they're not going to be able to afford their premiums," said insurance sales advisor Jennifer Rabon of Connelly, Carlisle, Fields and Nichols. "It's completely unaffordable."

Many are calling on Congress to act.

Related story: 07/31/2013 Flood insurances changes run into resistance

"There are a lot of petitions going around right now that are being signed by homeowners, insurance agents, real estate agents," explained Rabon.

The US House of Representatives recently voted to delay implementation of the new law. The Senate is expected to take a vote soon.

For information about your personal flood insurance rates, call your insurance agent or visit FEMA's information page.

  • 8 On Your SideMore>>

  • FL vehicle registration renewal fees drop

    FL vehicle registration renewal fees drop

    Monday, September 1 2014 11:48 AM EDT2014-09-01 15:48:49 GMT
    That little gift you get from the state on your birthday every year, to renew your car tag, is going to be cheaper starting Monday.  The cut will save drivers about $13 to $25 depending on the size of their vehicle.
    That little gift you get from the state on your birthday every year, to renew your car tag, is going to be cheaper starting Monday.  The cut will save drivers about $13 to $25 depending on the size of their vehicle.
  • Mold takes over St. Pete condo, creeps into neighbors' homes

    Mold takes over St. Pete condo, creeps into neighbors' homes

    Friday, August 29 2014 5:48 PM EDT2014-08-29 21:48:06 GMT
    Josephine Ramos is literally sick about the toxic black mold growing in the St. Petersburg condominium beside hers. She's been feeling ill for months with headaches and breathing problems. Recently, she had peak inside the condo next doors and couldn't believe her eyes.
    Josephine Ramos is literally sick about the toxic black mold growing in the St. Petersburg condominium beside hers. She's been feeling ill for months with headaches and breathing problems. Recently, she had peak inside the condo next doors and couldn't believe her eyes.
  • Lakeland neighborhood has continuing water problems, asks 8OYS for help

    Lakeland neighborhood has continuing water problems, asks 8OYS for help

    Friday, August 29 2014 5:03 PM EDT2014-08-29 21:03:34 GMT
    Some Lakeland residents are tired of wondering whether they'll have water at home. Over the past month, they tell 8 On Your Side that they've lost water with no warning at least five times. And what's worse, the water stays off for up to eight hours at a time
    Some Lakeland residents are tired of wondering whether they'll have water at home. Over the past month, they tell 8 On Your Side that they've lost water with no warning at least five times. And what's worse, the water stays off for up to eight hours at a time
  • NewsMore>>

  • Scott and Crist bash each other at campaign events

    Scott and Crist bash each other at campaign events

    Monday, September 1 2014 3:02 PM EDT2014-09-01 19:02:31 GMT
    Florida's increasingly bitter and expensive campaign for governor is kicking into gear with two months left before Election Day.Gov. Rick Scott began a two-week bus tour along the crucial Interstate 4 corridor, where he railed against former Gov. Charlie Crist as someone who is just like President Barack Obama.
    Florida's increasingly bitter and expensive campaign for governor is kicking into gear with two months left before Election Day.Gov. Rick Scott began a two-week bus tour along the crucial Interstate 4 corridor, where he railed against former Gov. Charlie Crist as someone who is just like President Barack Obama.
  • St. Petersburg plane pulled from Tampa Bay after Sunday crash

    St. Petersburg plane pulled from Tampa Bay after Sunday crash

    Monday, September 1 2014 2:49 PM EDT2014-09-01 18:49:18 GMT
    The plane that crashed in Tampa Bay, off the coast of St. Petersburg Sunday,has been recovered.A recovery team started work early this morning. It took hours to bring the plane up from about 25 feet under water. The company that owns the plane, Aerial Banner, Inc., sent company representatives to St. Petersburg.
    The plane that crashed in Tampa Bay, off the coast of St. Petersburg Sunday,has been recovered.A recovery team started work early this morning. It took hours to bring the plane up from about 25 feet under water. The company that owns the plane, Aerial Banner, Inc., sent company representatives to St. Petersburg.
  • Pinellas Park police reunite trapped ducklings with mother

    Pinellas Park police reunite trapped ducklings with mother

    Monday, September 1 2014 2:15 PM EDT2014-09-01 18:15:46 GMT
    Photo courtesy Facebook/Pinellas Park Police DepartmentPhoto courtesy Facebook/Pinellas Park Police Department
    Police officers in Pinellas Park helped reunite a family of ducks on Sunday.
    Police officers in Pinellas Park helped reunite a family of ducks on Sunday.
  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
  • Top StoriesTop StoriesMore>>

  • Woman Charged With DUI After 2 Children Die In Boating Accident

    Woman Charged With DUI After 2 Children Die In Boating Accident

    Monday, September 1 2014 2:32 PM EDT2014-09-01 18:32:42 GMT
    Dawn Thompson, 53, of EasleyDawn Thompson, 53, of Easley
    Dawn Thompson, 53, of Easley is charged with two counts of felony DUI  after a five-month old baby and a nine-year old child died after a boat capsized on Lake Hartwell Sunday in the Townville area.

    Dawn Thompson, 53, of Easley is charged with two counts of felony DUI  after a five-month old baby and a nine-year old child died after a boat capsized on Lake Hartwell Sunday in the Townville area.
  • 2 Women, 4 Kids Hurt In Lake Keowee Jet Ski Wreck

    2 Women, 4 Kids Hurt In Lake Keowee Jet Ski Wreck

    Monday, September 1 2014 1:59 PM EDT2014-09-01 17:59:29 GMT
    Authorities say two jet skis collided on Lake Keowee, injuring the two drivers and four children who were riding along.
    Authorities say two jet skis collided on Lake Keowee, injuring the two drivers and four children who were riding along.
  • Spartanburg Co. Deputies Looking For Home Detention Escapee

    Spartanburg Co. Deputies Looking For Home Detention Escapee

    Monday, September 1 2014 12:49 PM EDT2014-09-01 16:49:29 GMT
    Mugshot: Lonnell Norvell Chamblee (Spartanburg Co. Sheriff's Office)Mugshot: Lonnell Norvell Chamblee (Spartanburg Co. Sheriff's Office)
    Spartanburg County Sheriff's deputies are looking for a man who escaped from home detention. According to an arrest warrant issued by the sheriff's office, 21-year-old Lonnell Norvell Chamblee, of Spartanburg, is wanted for escape after he cut off his ankle monitoring bracelet and escaped from the home detention program.
    Spartanburg County Sheriff's deputies are looking for a man who escaped from home detention. According to an arrest warrant issued by the sheriff's office, 21-year-old Lonnell Norvell Chamblee, of Spartanburg, is wanted for escape after he cut off his ankle monitoring bracelet and escaped from the home detention program.
Powered by WorldNow

250 International Dr.
Spartanburg, S.C. 29303

Telephone: 864.576.7777
Fax: 864.587.5430
Email: webmaster@wspa.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.