Pinellas family faces triple whammy in flood insurance rate hike - WFLA News Channel 8

Pinellas family faces triple whammy in flood insurance rate hike

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ST. PETE BEACH, FL -

It's no fun being in the insurance business these days. Not when so many of your customers are seeing astronomical flood premium increases. Agent Laurie Laurenty knows one client quoted $29,000 a year for a modest, $250,000 policy.

Not insuring your stuff inside your house can save you cash. "But at least, if you have $100,000 in contents insurance, $250,000 on your building, getting rid of that $100,000 in contents insurance or at least reducing it, is gonna bring the premium down quite a bit," said Laurenty.

At the stroke of midnight, flood insurance premiums for more than 50,000 Pinellas homeowners began the upward climb.

David and Wendy Lockhart are getting hit. "I'm probably gonna be OK A lot of the folks I know are gonna be alright. I'm worried about the people that are gonna be forced out of their homes because they can't afford the new flood rates," said David Lockhart.

For the Lockharts, this flood insurance fiasco is triple whammy. They're trying to sell one home and buy another. And both of them are in the real estate business, and business along the beaches right now, is tanking.

Flood insurance on the house they are selling was $1,200 per year. It's now $8,500. On their new home, a recent quote came in at $9,500.

Knock off "contents" and raising the deductible, shaves it down to $6,000. "All we can do is help. Is just bring forth these examples and keep putting them in the hands of the right people and hope that they do something about it," said Wendy Lockhart.

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