Flood Insurance Hike To Be Addressed at Seminar Tonight
The Pinellas County property appraiser says the county has more homes affected by the increases in the federal flood insurance program than any other county in the country.
There is a seminar scheduled for tonight, for those who want to learn more about the increase in premiums. It's being held at the St. Petersburg College - Seminole Campus Digitorium in the University Partnership Building, 9200 113th Street North in Seminole.
Major flood insurance cost increases are on the way for policyholders in high risk zones of Pinellas County. The increases are triggered by a law that requires homeowners to pay more if they live in a high risk flood zone.
State Sen. Jeff Brandes (R-St. Petersburg) is pushing for citizens to confront congress and ask for a delay in the automatic premium increase due to launch Tuesday, October 1.
“In Pinellas County, we're a built-out county, these homes were bought and sold based on an understanding that the federal flood insurance program may change over time, but that it wouldn't change dramatically over night, like it's talking about doing October 1.” Brandes said. “So I'm not saying that we shouldn't go to a more financially sound system, but that system can't change overnight like they are proposing."
Brandes supports a gradual increase in flood insurance premiums until the federal program is financially sound.