Most Floridians know that flood insurance rates are going up. By quite a bit.
Some homes will see rates rise from modest numbers like $500 up to a whopping $16,000.
This is a hard pill to swallow, and a dangerous one, since it could completely disrupt the gradual recovery of Florida’s real estate market.
But is there hope?
The Florida Office of Insurance Regulation is trying to find private insurance companies who are willing to come to Florida and write expedited flood insurance policies.
There is some interest, but the proposal of an insurance alternative is just talk at this point.
Read more at Florida Realtors.