Flood insurance rate hikes threaten Tampa Bay real estate market - WJBF-TV ABC 6 Augusta-Aiken News, Weather, Sports

Flood insurance rate hikes threaten Tampa Bay real estate market

Posted: Updated:
HILLSBOROUGH COUNTY, FL (WFLA) -

A massive flood insurance hike set for next Tuesday threatens to stop Tampa Bay area's real estate recovery in its tracks.

Realtors say pending deals on homes in flood zones have stalled. Buyers are confused and worried they won't be able to afford the new rates.

"I've had several deals fall through," said Pat Lins, a real estate agent with Coldwell Banker. "There were 24 hours when I just didn't want to come to work."


Related story: 09/26/2013 Flood insurance hike could be big problem for Hillsborough

The problem is that thousands of homes in flood zones have enjoyed a break on rates for years. But the national flood insurance program is in debt. Congress voted in 2012 to do away with the subsidy program.

Related story: 09/27/2013 Tampa Bay area residents to rally against rising flood rates

For many homes, rates could go up by thousands of dollars a year.

Sign up for free breaking news and headline email alerts http://8.wfla.com/18DCEqk

     The homes are scattered across the bay area and include every price range. Bob Henriquez , Hillsborough County PropTuesdaypraiser, says he and other officials have asked congress to step in before tuesday and at least postpone the hike.

"It makes sense, but we're talking about Washington," he said. "But I think there's a lot of folks, including Senator Nelson, our Governor and others that have raised this issue, and we're just hopeful that someone's listening."

  • 8 On Your SideMore>>

  • Are background checks enough for Florida teachers?

    Are background checks enough for Florida teachers?

    Friday, April 18 2014 7:41 PM EDT2014-04-18 23:41:35 GMT

    In an effort to weed out potential perverts, Florida law requires fingerprinting and criminal background checks before school districts hire employees that will have any contact with children.

    In an effort to weed out potential perverts, Florida law requires fingerprinting and criminal background checks before school districts hire employees that will have any contact with children.


  • Pasco mix-up sends registration notices to wrong drivers

    Pasco mix-up sends registration notices to wrong drivers

    Friday, April 18 2014 6:02 PM EDT2014-04-18 22:02:51 GMT
    The vehicle registration information of hundreds of drivers in Pasco County were sent to the wrong person in a mix-up that led to the firing of a contractor.
    The vehicle registration information of hundreds of drivers in Pasco County were sent to the wrong person in a mix-up that led to the firing of a contractor.
  • Flushable wipes, not so flushable says Tampa's wastewater officials

    Flushable wipes, not so flushable says Tampa's wastewater officials

    Friday, April 18 2014 3:52 PM EDT2014-04-18 19:52:20 GMT
    Personal wipes, baby wipes, face wipes, flushable wipes. They are all designed to help us deal with delicate issues. But the wipes themselves are actually pretty sturdy and increasingly local water systems are finding they are creating costly problems.
    Personal wipes, baby wipes, face wipes, flushable wipes. They are all designed to help us deal with delicate issues. But the wipes themselves are actually pretty sturdy and increasingly local water systems are finding they are creating costly problems.
  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
Powered by WorldNow

1336 Augusta West Parkway
Augusta, GA 30909

Telephone: 706.722.6664
Email: talkback6@wjbf.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.