Today, during a meeting of the Florida Cabinet, Governor Rick Scott addressed the need for President Obama to fix the National Flood Insurance Program (NFIP) that is hurting Florida families.
Senior Vice President of Florida Realtors, John Sebree, and Tampa Bay homeowner, Tish Duve, spoke on the matter.
Governor Scott said, "Over the past 35 years, Floridians have paid over $16 billion into the National Flood Insurance Program--nearly four times more than they have received in payments. Yet, as a result of the Flood Insurance Reform Act, today many Floridians are facing the horror of losing their homes due to soaring flood insurance costs.
"Uncertainty hangs over thousands of homes. By many accounts, coastal sales have stalled, sellers are dropping prices, and real-estate closings are becoming more complex.
"The President delayed implementation of the Affordable Care Act, but he has failed to delay unfair and unaffordable flood insurance rate hikes."
During the meeting, Senior Vice President of the Florida Realtors, John Sebree, introduced sisters Tish Duve and Barbara McPartlin of the Tampa Bay area to discuss the detrimental effects the NFIP rate increase are having on their lives. Tish and Barbara, both in their 70s, are looking to downsize their current home. Due to the NFIP rate increases, new potential owners will pay flood insurance rates several times higher than what Tish and Barbara currently pay. Because of this, they are having a very hard time selling, and will have to remain in their home for the time being.