Looming rate increases for flood insurance have turned into a cliff hanger for state lawmakers, local leaders and thousands of policy holders pressing for a delay.
Tonight at 6 p.m., property owners who will be affected by premium hikes, which go into effect on Oct. 1, are invited to attend a seminar at St. Petersburg College’s Seminole campus, 9200 113th St. North.
The rate increases do not affect traditional homeowners’ insurance policies, which typically do not provide coverage for floods. The changes are through the National Flood Insurance Program, which has offered subsidized policies since 1968, with the intent to provide affordable flood insurance to homeowners and businesses.
But now that program is in debt and being phased out, after payouts in a series of costly natural disasters.
Tonight’s forum will try to explain to property owners what to expect from the policy changes. Sponsors include the Tampa Bay Beaches Chamber of Commerce, Bankers Insurance and Re/Max.