Tag Archive | rates

Florida Flood Rate Hikes Possibly on Hold

Florida Flood Insurance Rate Hikes May Be Delayed For Up To 4 Years

Image: Fox 13

Fox 13 announced this week that our government is proposing a relief legislation to put a hold on the new risk-rated premiums for up to four years.

Apparently, in 2012, when Congress decided that the National Flood Insurance Program should pay for itself, they didn’t have any real world examples of what this would cost homeowners.

As we are now painfully aware, the costs will be devastating to many Florida homeowners.

A hold on the rising rates comes as a great relief, although, at this time, that move is still in the proposal stage.

Watch the news clip and read more at Fox 13:  Lawmakers Introduce Legislation to Delay Flood Insurance Hikes.

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Private Flood Insurance Coming to Florida

As flood insurance rates begin to soar, many Florida homeowners are understandably concerned.

But it seems safe to get your hopes up a little, as private insurance companies say they will soon be offering lower priced insurance than the National Flood Insurance Program.

The Tampa Bay Business Journal reports that Homeowners Choice Property & Casualty Insurance Co Inc. is one of those companies.  The company has announced that their prices would be similar to what Florida homeowners were paying before the rate hikes.

Read more at The Tampa Bay Business Journal.

FL Joins MS in Lawsuit to Block Flood Insurance Hikes

In another effort to stop or delay flood insurance rate hikes, the State of Florida has decided to back a lawsuit that the State of Mississippi filed last month.

This lawsuit hopes to stop the increase in the flood insurance rates that have proved detrimental to about 270,000 Florida homeowners.

Although the state may take other action in the future, the local government is hoping that by attaching to the existing lawsuit, changes may occur quicker.

Read more at Florida Realtors.

Alternatives to Fed Flood Insurance?

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.

Mortgage Rates Level Off

Freddie Mac released data this week that shows mortgage rates leveling off.

There was a slight rise last week, but rates have stayed the same as they were a week ago for both the 30-year and 15-year fixed mortgages.  They’ve been above 4.5% for four weeks for a 30-year fixed mortgage, although last year at this time, they were at 3.55%.

Read more at the Washington Post.