Senators try to postpone flood insurance increases
Increases to take effect Oct. 1
Sen. Bill Nelson is trying to postpone flood insurance rate hikes that are scheduled to go into effect Oct. 1.
On Wednesday, Nelson, along with U.S. Sens. Robert Menendez, David Vitter and Mary Landrieu filed legislation to delay implementation of the Biggert-Waters Flood Insurance Reform Act until next fiscal year.
The rate hikes, which are supposed to go into effect on Oct. 1, were passed in 2012 to keep the National Flood Insurance Program solvent after an onslaught of claims from Hurricane Katrina in 2005. Essentially, what it does is remove federal subsidies from properties in flood zones.
Florida has among the highest rates of people covered by subsidized flood insurance, and Pinellas County has more subsidized policies than any other county in the nation.