Lawmakers want more flood insurance options for Tampa Bay homeow - WFLA News Channel 8

Lawmakers want more flood insurance options for Tampa Bay homeowners

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Presently 50,000 properties in Pinellas County are affected by drastic increases in flood insurance premiums due to the passing of the Biggert -Waters act that removes federal subsidies for flood insurance through FEMA. Presently 50,000 properties in Pinellas County are affected by drastic increases in flood insurance premiums due to the passing of the Biggert -Waters act that removes federal subsidies for flood insurance through FEMA.
PINELLAS COUNTY, FL - Senator Jeff  Brandes and Representative Larry Ahern announced a bill on Tuesday that aims to increase the number of private flood insurance providers in the state of Florida.

"This will create a framework for insurers to do business in the state. Most importantly, it will provide flexibility to homeowners so they can choose a premium they can afford," said Brandis.

Presently 50,000 properties in Pinellas County are affected by drastic increases in flood insurance premiums due to the passing of the Biggert -Waters act that removes federal subsidies for flood insurance through FEMA.

Related: Flood insurance fix still on hold for Tampa Bay area homeowners

Brandes believes he will have the support needed in Tallahassee to get the bill passed in the early stages of the legislative session. He would like to have it go into effect immediately and not wait until July 1.

He believes the potential impact on tourism from commercial properties on the coast facing these higher premiums will encourage other counties to vote for the plan.

Presently, Lloyds of London is one of the few private insurance companies that offers an alternative to the high FEMA rates.

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