Politics & Government
Homeowners Rally Against Flood Insurance Rates
New rates that go into effect next week may soak budgets with policies that cost as much as $20,000 a year.
As thousands of Tampa Bay area residents brace for new, higher flood insurance rates, some homeowners are taking it upon themselves to fight back.
A rally is planned in Tampa on Saturday, Sept. 28, that is meant to draw attention to the plight faced by many as federal subsidies on flood insurance policies go away,according to The Tampa Tribune.
The Biggert-Waters Flood Insurance Reform Act goes into effect Oct. 1. That’s when property owners in flood-prone areas will start paying rates that are hundreds and in some cases thousands of dollars higher. The increased premiums are hoped to help alleviate a deficit of $28 billion in the National Flood Insurance Program, NBC News reports. Without subsidies, policy premiums are expected to soar with property owners in the highest-risk areas facing annual costs as high as $20,000.
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Thousands of Tampa Bay area properties are located in what are considered flood-prone areas. The number in Hillsborough County alone is more than 21,000.
Saturday’s rally takes place at Ballast Point Park, 5300 Interbay Blvd. starting at noon, according to WFLA. It is one of several rallies planned in states across the country.
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For more details, check out the Tribune’s full story.
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