Bilirakis bill calls for longer phase-in and caps on flood insurance rate hikes

U.S. Rep. Gus Bilirakis has introduced legislation to phase in flood insurance rate increases over a longer period and set a cap on annual premium increases.

Bilirakis, a Republican representing Pasco and parts of Hillsborough and Pinellas counties, was among many original supporters of the Biggert-Waters Act of 2012 who have done an about-face after seeing how the law has triggered large rate increases in Tampa Bay in particular.

His bill would phase in rate increases over 10 years and allow homeowners to pay premiums on a monthly basis instead of an annual lump sum. …Read More

 

Leave a Reply

Your email address will not be published. Required fields are marked *