The Biggert-Waters Act of 2012 (BW-12) went into effect on October 1, 2013. According to the Pensacola News Journal, many holders of flood insurance policies under the National Flood Insurance Program (NFIP) will see increases in their premiums of up to ten times under BW-12.
On October 1, 2013, WTSP-Tampa reported that Florida Governor Rick Scott appeared with hundreds of representatives of the Florida real estate industry calling for a solution which will help delay or eliminate the expected rise in flood insurance premiums brought about by the implementation of the Biggert-Waters Act of 2012.
According to WTSP-Tampa, Governor Scott was quoted as saying that [BW-12] “is absolutely unfair and it could devastate the real estate market…” However, the Governor did not offer any help from the state at this particular event, and instead blamed President Barack Obama, telling the crowd, “President Obama signed this law that hurts Florida homeowners.”
The report from WTSP-Tampa goes on to introduce Florida resident George Schaffer of Reddington Beach. Mr. Schaffer is trying to sell his small single family home by the water, but an increase in his flood insurance rates up to $16,000 a year due to BW-12 are scaring off potential buyers. Mr. Schaffer claims that if he can’t sell, he’ll be forced into foreclosure.
On October 2, 2013, the Pensacola News Journal reported that Florida Senator Bill Nelson, a member of a bipartisan group of senators trying to delay the implementation of BW-12, said that such efforts are being “blocked by politics” as the US Congress battles over the Affordable Care Act (aka “Obamacare”) and the resulting government shutdown.
The attorneys of Taylor, Warren & Weidner, P.A. are keeping a close eye on the situation regarding the Biggert-Waters Act of 2012, and can assist clients in Pensacola and the surrounding area with all types of insurance cases. Contact them today at (866) 483-4899 or online to schedule a free initial consultation.
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