Increasing Flood Premiums! Impact of the Biggert - Waters Flood Insurance Reform Act 2012, on flood policy holders. Please join the rest of Tampa Bay for an informational rally: Saturday, September 28th, 2013, beginning at 12:00 pm Location: Ballast Point Park (near the pier) 5300 Interbay Blvd Tampa, FL 33611 **Please share this information with everyone in your contact lists. Simultaneous rallies are being held across the country. Topics to be discussed: 1) Biggert/Waters is a “broken” law and needs to be fixed. Every elected official has indicated that they had no idea that this Bill would implement these types of rate increases and the author of the bill herself, Congresswoman Waters has stated that the bill was never intended to have these types of impacts. THIS WILL AFFECT NOT ONLY HOMEONWERS IN FLORIDA BUT OVER 5.5 MILLION FLOOD POLICY HOLDERS ACROSS THE NATION. 2) It has been the policy of this government since 1968 that flood insurance would be available and offered at a reasonable rate to homeowners in shoreline communities. This policy has encouraged investment in these areas and it is patently unfair to now, after families have made lifelong investments, impose rate hikes of up to 2000% which will destroy these property values and tax bases. 3) This law additional unintended consequences of driving many homeowners out of the Program as they will no longer be able to afford it, therefore the government will in all likelihood face greater exposure in having to assist those who are in need and no longer have Flood Insurance. 4) It appears that FEMA was not forthcoming in laying out the impact of this bill during its creation and never showed any elected officials potential actuarial rate charts. Blame FEMA do not blame the elected. 5) The Insurance companies have undue influence over this program and have helped create a situation where they make great profits with no risk or exposure. 6) The Grandfather Clause must be reinstated. 7) How is the $25B National Flood Insurance Program deficit calculated? Over the last 30 years, $6 Billion more in premiums have been collected than have been paid out. What accounts for the $31B negative swing? 8) IF THESE ISSUES ARE NOT CORRECTED; Properties become uninsurable Properties become unsellable Property values drop significantly Owners lose everything Banks lose mortgage portfolio, requiring another bailout Real estate market freeze Local governments lose tax base Local Economies are destroyed NFIP, itself, goes into “death spiral” as people leave program National Sites are facebook/StopFemaNow and StopFemaNow PowerPoint presentation and video about flood insurance. youtube/watch?v=Wp_6wFs0vGU https://dropbox/s/t36xfvqznttp881/NFIP%20-%20Challenges%20and%20Solutions%202013.08.25.pdf
Posted on: Tue, 24 Sep 2013 21:15:24 +0000
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