Flood insurance fix still on hold for Tampa Bay area homeowners - WFLA News Channel 8

Flood insurance fix still on hold for Tampa Bay area homeowners

Posted: Updated:
The Biggert-Waters Act removes federal subsidies from flood insurance rates. Because of the change, some homeowners near the water are seeing drastic increases in their flood insurance premium rates. The Biggert-Waters Act removes federal subsidies from flood insurance rates. Because of the change, some homeowners near the water are seeing drastic increases in their flood insurance premium rates.
HERNANDO COUNTY, FL (WFLA) - Waterfront homeowners in the Tampa Bay area are in a holding pattern as Congress recessed for the holidays without coming to an agreement about a 4-year delay for the implementation of the Biggert-Waters Act. 

The Biggert-Waters Act removes federal subsidies from flood insurance rates. Because of the change, some homeowners near the water are seeing drastic increases in their flood insurance premium rates.

Related: Homeowners fear 'nightmare' from flood insurance increases

 
Joe Ferrel, who is a political advocate for the Pinellas Realtor Organization, said he hopes that Congress will take action after the holidays.
 
Florida is one of many states that want flood rate increases delayed. Florida and several other states have joined a lawsuit filed by Mississippi against the federal government. The lawsuit calls for an injunction on flood rate increases until FEMA completes its affordability study.

Read more about the Biggert-Waters Act and see flood zone maps on FloodSmart.gov

"What we need is a long term fix. We need to get private companies involved in offering coverage to create competition," said Ferrel.

The uncertainty is also affecting the real estate market in some Pinellas waterfront communities.

"This has created the market to become stagnant again.. and we're not really sure what it's doing to the prices because it's still being gathered, but we have a feeling when that data is released we're going to see the value of homes in this area are going down," said Dennis Fagan, Century 21 real estate agent in Treasure Island.

It's even affecting some homes not impacted by the premium increases.

Karen Hogan thought she would sell her 3000-square-foot home on Treasure Island quickly.  It's elevated 16-feet above sea level and is not impacted by the premium increases.  Her flood insurance is less than $300 a year. But she hasn't had many interested buyers.

"Because people are so concerned about how much flood insurance might be, no one is looking. We can't get anybody to come in the door," said Hogan.

Sign up for free breaking news and headline email alerts http://8.wfla.com/18DCEqk

 





  • 8 On Your SideMore>>

  • Pool parasite invades Pinellas County

    Pool parasite invades Pinellas County

    Thursday, July 31 2014 6:25 AM EDT2014-07-31 10:25:05 GMT
    Health officials say the parasite that causes 'Crypto' could be in your pool. Health officials say the parasite that causes 'Crypto' could be in your pool.
    Health Department officials in Pinellas County are putting out a warning about a parasite that can lurk in swimming pools and water parks.

    Health Department officials in Pinellas County are putting out a warning about a parasite that can lurk in swimming pools and water parks. And, if it invades your body, you're in for a rough ride - it's called Cryptosporidium.


  • Hyundai recalls 888,700 Sonata Sedans

    Hyundai recalls 888,700 Sonata Sedans

    Wednesday, July 30 2014 10:14 PM EDT2014-07-31 02:14:48 GMT
    Over 800,000 Hyundai Sonata Sedans have been recalled. Over 800,000 Hyundai Sonata Sedans have been recalled.
    Hyundai is recalling its popular Sonata midsize sedan to fix problems with the gear shift levers.The recall covers 883,000 cars from the 2011 through 2014 model years.Stay connected with the news of the day.
    Hyundai is recalling its popular Sonata midsize sedan to fix problems with the gear shift levers.The recall covers 883,000 cars from the 2011 through 2014 model years.Stay connected with the news of the day.
  • Removal of tons of stinky rice near Port of Tampa begins

    Removal of tons of stinky rice near Port of Tampa begins

    Wednesday, July 30 2014 5:06 PM EDT2014-07-30 21:06:23 GMT
    The nasty stench near the Port of Tampa may get better soon. Dump trucks worked to remove some of the 1,000 tons of rotting rice on the private land Wednesday. 8 On Your Side discovered the shipment of bad rice, rotting under tarps on property owned by Tampa Marine Terminals on Tuesday.
    The nasty stench near the Port of Tampa may get better soon. Dump trucks worked to remove some of the 1,000 tons of rotting rice on the private land Wednesday. 8 On Your Side discovered the shipment of bad rice, rotting under tarps on property owned by Tampa Marine Terminals on Tuesday.
  • NewsMore>>

  • Pool parasite invades Pinellas County

    Pool parasite invades Pinellas County

    Thursday, July 31 2014 6:25 AM EDT2014-07-31 10:25:05 GMT
    Health officials say the parasite that causes 'Crypto' could be in your pool. Health officials say the parasite that causes 'Crypto' could be in your pool.
    Health Department officials in Pinellas County are putting out a warning about a parasite that can lurk in swimming pools and water parks.

    Health Department officials in Pinellas County are putting out a warning about a parasite that can lurk in swimming pools and water parks. And, if it invades your body, you're in for a rough ride - it's called Cryptosporidium.


  • Pinellas commissioners to tour new public safety complex

    Pinellas commissioners to tour new public safety complex

    Thursday, July 31 2014 5:30 AM EDT2014-07-31 09:30:41 GMT
    The complex renderingThe complex rendering
    Pinellas County Commissioners will have a VIP tour this morning of the brand new public safety complex.
    Pinellas County Commissioners will have a VIP tour this morning of the brand new public safety complex.
  • Family, friends hold vigil for slain Sarasota teen

    Family, friends hold vigil for slain Sarasota teen

    Wednesday, July 30 2014 10:49 PM EDT2014-07-31 02:49:45 GMT
    Family and friends of 17-year-old Teria'le Rawls gathered for a memorial service Wednesday night in Sarasota. Family and friends of 17-year-old Teria'le Rawls gathered for a memorial service Wednesday night in Sarasota.
    There wasn’t a dry eye in sight as friends and family of 17 year-old Teria’le Rawls gathered for a memorial outside her Sarasota home on Wednesday night.Rawls was shot and killed early Monday morning when she was hit by a stray bullet while in the parking lot of the Royal Palm Movie Theater in Manatee County.
    There wasn’t a dry eye in sight as friends and family of 17 year-old Teria’le Rawls gathered for a memorial outside her Sarasota home on Wednesday night.Rawls was shot and killed early Monday morning when she was hit by a stray bullet while in the parking lot of the Royal Palm Movie Theater in Manatee County.
  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Dramatic doggie makeovers put new face to pet adoption

    Dramatic doggie makeovers put new face to pet adoption

    Tuesday, July 29 2014 5:14 PM EDT2014-07-29 21:14:31 GMT
    What a difference a bath can make! Millions of shelter dogs across the United States just need a little bit of grooming and TLC in order to shine, as evidenced by these photos.
    What a difference a bath can make! Millions of shelter dogs across the United States just need a little bit of grooming and TLC in order to shine, as evidenced by these photos.
  • SAFETY ALERT: Saltwater bacteria kills 1 in Sarasota

    SAFETY ALERT: Saltwater bacteria kills 1 in Sarasota

    Wednesday, July 30 2014 3:50 PM EDT2014-07-30 19:50:00 GMT
    WFLA file photo.WFLA file photo.
    A death in Sarasota County has health officials reminding people about a bacteria in Florida's coastal waters that has the potential to cause serious illness, even death. Other counties in Tampa Bay have reported cases of Vibrio vulnificus.
    A death in Sarasota County has health officials reminding people about a bacteria in Florida's coastal waters that has the potential to cause serious illness, even death. Other counties in Tampa Bay have reported cases of Vibrio vulnificus.
  • Lakeland gymnastics coach accused of sex with minor

    Lakeland gymnastics coach accused of sex with minor

    Wednesday, July 30 2014 7:56 PM EDT2014-07-30 23:56:59 GMT
    A man who works as a gymnastics coach in Lakeland has been accused of having sex with a 13-year-old girl.
    A man who works as a gymnastics coach in Lakeland has been accused of having sex with a 13-year-old girl.
Powered by WorldNow

200 South Parker Street, Tampa, FL 33606

Telephone: 813.228.8888
Fax: 813.225.2770
Email: news@wfla.com

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