Rep. Waters, Author of Flood Reform Act, Calls for Delay in Implementation

September 30, 2013

  • September 30, 2013 at 1:25 pm
    jack says:
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    Her names on the flippin bill and she didn’t understand it….Go figure. And now they have your healthcare. Good luck middle class, you have been bent over (lean forward).

  • September 30, 2013 at 1:33 pm
    Chuck says:
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    Isn’t it ironic that a liberal named Waters should have buyer’s remorse for a flood law? I guess she had to pass it before she read it. Maybe Pelosi can help her out and Reid can do some more whining.

    • October 2, 2013 at 12:16 pm
      David says:
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      I may be missing something – but isn’t this a bi-partisan bill? Why all the blame being put on the Democrats? Funny how the republicans don’t want to pay for anybody else’s insurance until their subsidies are going away. BTW – I am (probably should say, was) a republican.

  • September 30, 2013 at 1:35 pm
    Brandon says:
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    She says that no democrat nor republican knew the consequences of this law. Why is it that all politicians want to speak for themselves until it is a screw-up then they blanket everything.

    It’s pitiful, people learn how to take responsibility. Seriously.

    • October 7, 2013 at 12:23 pm
      NC Reader says:
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      “She says that no democrat nor republican knew the consequences of this law”. Shouldn’t all lawmakers, especially the named author’s understand understand the consequences of what they are passing? How stupid and embarrasing for her. If you don’t understand it don’t approve it and don’t put your name on it. Geez!

  • September 30, 2013 at 1:52 pm
    Bud says:
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    Biggert and Waters both should be voted out of office. Any congressperson, with all the staff they have at their disposal, that don’t understand the unintended(or intended) consequences of the bills they sponsor or vote for, have no business being in congress.

    • October 7, 2013 at 7:16 pm
      Mem says:
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      Read! Biggert isn’t even congress anymore.

    • February 18, 2014 at 5:55 pm
      RT says:
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      Thanks MEM. Judy Biggert was soundly defeated and we replaced her with Dem. Bill Foster. Hopefully he doesn’t do anything to bite our district or the country in the rear end as hard and often as Biggert did.

    • April 9, 2014 at 10:39 am
      cathy says:
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      Get on our Facebook page and start questioning her. The louder we yell, the more we will be heard

  • September 30, 2013 at 2:16 pm
    James says:
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    The Biggert-Waters Act will cause large premium increases mainly to owners of second homes, rental homes and commercial properties. The method FEMA used is another tax on those people perceived to be wealthy. These policies are roughly 5% of all flood policies inforce. A full 80% of all flood policies (x,b and c zones)reportedly are involved in 40% of all reported claims. Those zones are not being affected by the 10/01/2013 changes. How will detrimental rate hikes of 300-500-800% on 5% of all policies solve the NFIP rate shortfall?

    • September 30, 2013 at 4:30 pm
      jack says:
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      James, those are not the increases that are going to cause the major problems. It’s the pre-firm (home built prior to flood insuance rate maps)homes that are going to get killed. The base flood elevation had not been established so when the home was built the owner-builder didn’t know how high to build it. Now those homes are -1,-2,-3,-4 to -10 feet below base flood elevations. Example- a -1 in a VE flood zone will pay approx $6000 to $10,000 year for $250,000 dwelling coverage with 0 contents. I’ve seen flood quotes for close to $40,000 for $250,000 coverage. Tell that retired couple that had a $2000 flood premium that its now $10k,$15k a year and see how they feel. And if you don’t think the same thing is going to happen to your health ins premiums when the well people start paying for the sick people you a as dumb as a box of rocks!

    • September 30, 2013 at 9:28 pm
      Brian says:
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      Not true James. We live in a 740 sq. ft. house a little over 7 feet above sea level (not a 2nd home and not near the water) in St. Pete Florida and our estimated bill will be $4,000-5,000 a year….not including our $2,000 homeowners insurance. Our house is valued under $90,000 and our neighborhood has hundreds and hundreds of under 1,000 sq. ft. homes in the same predicament.

      This article by the St. Pete Times might shed some light: http://www.tampabay.com/news/business/banking/new-data-modest-homes-hit-hardest-by-flood-insurance-rate-hikes-effective/2144727

      We never knew that we were being subsidized and wouldn’t have bought our house if we knew. There was no warning or disclaimers that we can find. We were getting ready to put on an addition (dumping nearly $80,000 into the economy) but now we are planning on paying off our loan, living in our present house as in and going without insurance.

      This will devastate our local economy as well as the tax base.

      Furthermore, I’m originally form Kansas and Nebraska and there are thousands of rich farmers who are getting huge subsidies (Around $20 Billion a year) from the Federal Government. My dad has land in Kansas and the Federal Govt. pays him thousands a year to put his wheat field into prairie grass. And how many billions of subsidies go to big business. If the flood insurance program looses its subsidy, then all of these other subsidies (including payments to the Middle East) need to go.

      • October 1, 2013 at 9:33 am
        Roland says:
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        Brian, if the bailout of NFIP ever did end, and the program could stand on its own because adequate premium were being collected, surely Americans would realize that this boondoggle could be scrapped and the market simply allowed to function, wouldn’t they? Oh, wait a minute. Considering that most are living in a fantasy land where politicians care only about helping us, maybe I don’t want to know the answer to that question.
        Politicians love NFIP – and farm programs – because they give them more opportunities to appear compassionate (using other people’s money, of course). And I’m ashamed to say that insurance industry organizations like NAMIC support the NFIP racket too, since it allows member companies to write the profitable coverage on structures that never should have been built, while taxpayers are stuck with the bill for the risky stuff. This is textbook crony capitalism.
        Watching a buffoon like Waters whine that she didn’t foresee the consequences of yet another government intervention would be hilarious if these creeps were not causing so much misery to decent, productive people. When central planners mess with commerce, there are always harmful unintended consequences. But the kicker is that the solution they come up with to a problem that their meddling caused in the first place is always yet more meddling, which has more bad consequences, which leads to more meddling, and on and on. Will people never catch on to this scam?

      • October 1, 2013 at 11:37 am
        Chase says:
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        Brian he is 100% true, yea floridians are seeing big increases, but pre-firm houses in many areas will be un-sellable. We are getting prices on these homes at above 50k in some cases (and it applies to many houses). Furthermore these are in areas that have been paying much more into the system then they ever pull out. Florida for example, has paid 3X as much as the policyholders have EVER collected in claims. What is happening is Flood policy holders are going to be subsidizing FEMA for payouts that never go to policy holders (fema does not only pay out for policy holders they also provide other services).

    • October 1, 2013 at 12:26 pm
      Krista C says:
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      Not true. Why you think this is correct is beyond me. You are absolutely and totally clueless. This is detrimentally affecting the middle class. I have a customer who needs to sell his house due to a job transfer. His flood insurance is $1800. It will go to $14,238 for the new owner because of BW12. He is by no means wealthy, he just happens to own a home in an AE flood zone. Wake up and do your research before making such an ignorant comment.

  • September 30, 2013 at 2:41 pm
    SWFLAGT says:
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    There is so much wrong with the BW 2012, where to begin. They didn’t understand the effect this would have on premiums? Really, that’s a new one for a politician. One would be to look into these things before they make them a law. Did anyone bother to check into those “low interest” loans provided to homeowners over the years; are they being repaid? Maybe increase the interst and availability of those loans would help the finances at FEMA. There were many other options that could’ve been investigated before putting this into place. Were any other options looked at? Doubt it, it would mean they would actually have to do some homework.

  • September 30, 2013 at 2:46 pm
    insurance mom says:
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    Good Grief! They sponsor legislation demanding a program become self-sustaining, actuarily sound, and then cry and whine when that results in higher rates? We can unload on B & W but a whole lot of people voted for this. And really, we all knew the rates weren’t sufficient, didn’t we?

    • September 30, 2013 at 3:05 pm
      Sandy Ewing Jr says:
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      I don’t think the homeowners knew that the rates would increase as much as they are proposed to. I have retired parents in their 80′s who have lived in their home for over 40 years in Florida and never had an issue or claim with flooding. Now they have to put their golden years on hold not knowing how much their rates will be. They can’t even sell the home if they wanted to. Who can afford $1,000 per month or more just in flood ins premiums. We are a prisoners of our elected officials.

    • September 30, 2013 at 3:05 pm
      jw says:
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      That’s what really boggles my mind. It must be common knowledge by now that the NFIP is not collecting enough premium. What did they expect the rates to do? Go down?

      • October 1, 2013 at 10:35 am
        Gavin M says:
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        It is not that rates should go down but the issue is that regular homeowners with a mortgage face incredible increases nationwide. Nobody knew about this bill or seemed to care.

        Contrary to popular opinion, the wealthy will barely be affected by it as they pay cash and self insure, have been forever.

        The main issue here, the crux of it all is that few will be able to sell their homes in areas whee people cannot pay cash. Therefore, they end up with endlessly increasing premiums and nowhere to go.

        Hindsight is 20/20 but people did not think years ago that this type of issue would arise when buying a home in a flood zone.

        In any event, the money will dry up for this program because sales will stop in flood zones and anybody buying will self insure.

    • October 1, 2013 at 11:40 am
      Chase says:
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      Then how come forida policy holders have contributed 3X what they have collected in claims? Most states are contruting much more then they ever collect. The rub is that FEMA doesnt only payout to policy holders, they also pay out to other people like what is happening in Colorado. You think these people have flood insurance? NO!! but they are going to get money from FEMA to help rebuild.

    • October 1, 2013 at 12:34 pm
      Krista C says:
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      Not really “insurance mom”. For every $4 Florida has paid into the program since its inception in 1973, Floridians have received $1 back in claims. Florida needs a private flood insurance company.

  • September 30, 2013 at 3:52 pm
    Mulligan says:
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    So we know that Katrina and Sandy were the major reason for the deficit. That being said, those areas need to be the ones that replenish the fund. Florida has put 4x as much in as they had received out. Keep in mind the only people who voted to pass this law are the same people who are about to shut down the government.

  • September 30, 2013 at 4:16 pm
    Ken says:
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    The flood program is such a easy fix. Any home that has a mortgage must carry flood. When home is paid for your not requires to carry but there is no Calvary coming if you choose not to carry flood. This divides the premium by every mortgaged home and yes the guy on the mountain will gripe but 80% of all revenue for the county comes from areas within 100 miles of a coast. We have to live with the smog and the guy on the mountain has to live with paying a couple of hundred dollars a year for flood.

    • September 30, 2013 at 6:53 pm
      frustrated citizen says:
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      You are right. All those that have been flooded in Colorado recently and miles from the Mississippi the last few years probably paid little or no flood. No where is there no risk of a flood!!!!! I too have been on the Gulf side of Florida for 35 years without a claim and am now going to pay for those that didn’t have to carry. AT the meetings here they said a few counties in Florida are carrying the load for the entire country!!!! only 24 cents of every dollar collected here stays in FLORIDA!!!!!!!!! if we kept all that we have put in over the years we would have enough for the state to cover themselves but we the few have to take care of the rest of the country. Just like less than 50% of us have to take care of all the leeches of the system. WAKE UP AMERICA!!!!!!!!

      • October 1, 2013 at 7:53 am
        jw says:
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        Encourage your state to start a state flood pool. That way the money stays in Florida.

  • September 30, 2013 at 4:45 pm
    Cyndy Turner says:
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    I have recently become a widow. My husband and I bought a home in Galveston. We have lived in Bayou Vista for 12years and experienced 1 hurricane .Our home is grandfathered and built in 1971. I am now told that soon I will not be grandfathered in and my flood insurance could go up by 25 percent. Who can afford to pay that knowing it will go up again? Before anyone tried to push this thru,someone should have thought this out. Our dear Obama signed org on it but the one official that brought it before legislature to vote on is no longer there. Instead of giving groups that are tied to Bin Ladin money and showing them around the White House this last March 2013, why don’t we give the money to FEMA to make up the deficit?

  • September 30, 2013 at 5:26 pm
    Rob says:
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    And the 30% administrative fee that goes to the issuing firms? Was $300 when the annual policy was $1,000 but now that those policies are more like $10,000 they get $3,000 … annually … for administering essentially the same policy? Just an example how ill-designed BW12 is. Not ready for primetime.

  • September 30, 2013 at 8:08 pm
    Anita says:
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    Yep. Another Bill passed without reading? This is the result of hiring a Community Organizer to run the USA and have it’s corrupt ones uner him as usual. There are NO solutions with this administration. Doesn’t know how? Community organizing bullshitting his way up. Just a smooth talker than can sell a rock to anyone. Only solution with this administration is RAISE PRICES on everything and anything, SPEND SPEND SPEND, and so stupid is doing his big threat of shutting down the wicked Government is he doesn’t get his way weather it is wrong or not. His agenda is quite obvious. Bankrupt America, and divide this Country which he is doing a good job at. WAIT…Obamacare is the other BIG SPENDER that has been passed without being read? He is slick. …the ultimate decieving devil!

    • October 1, 2013 at 11:18 am
      ComradeAnon says:
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      Shouldn’t you be commenting at Townhall.com?

  • October 1, 2013 at 12:29 pm
    Krista C says:
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    She pulled a Pelosi. Should have read your own bill, Waters. You’re ignorant, as is Biggert. You should both resign.

  • October 1, 2013 at 1:54 pm
    California Reader says:
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    I live near San Francisco Bay. They started keeping tidal records during gold rush abt 1850. My house in a development permitted by Marin County supervisors 100 years later. Buyers did not know what County knew . . that developers were allowed to build at an elevation below the highest tides.

    When Mortgage companies found out, they would not lend without Flood Insurance. Enter NFIP .

    • October 1, 2013 at 3:38 pm
      Roland says:
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      That’s interesting, California Reader. So are you saying that NFIP is a good thing? Based on your synopsis, I would argue that the problem would not exist if not for the interference of the county government and NFIP. By issuing permits in an area where it knew flooding was likely, and withholding that information from buyers, the county was giving the property a bogus “stamp of approval,” without which buyers would have been more likely to check out the probability of flood for themselves. If without that government assurance and taxpayer-subsidized flood insurance homes had been built anyway that over the years proved not to be privately insurable against flood for a reasonable premium, they eventually would have been torn down. The market would have taught everyone an important lesson: Don’t build or buy here – it is too risky.

  • October 7, 2013 at 7:14 pm
    Mem says:
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    You are all right, she should have had at her disposal a crystal ball that would predict one of the worst storms in a century in the Northeast along with a calamity of other disasters happening within months of each other. Jesus.

  • October 7, 2013 at 11:12 pm
    DaBear666 says:
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    Why are we supposed to be surprised to learn that Congress has passed an insurance bill without realizing there are problems with it. Perhaps an arrangement could be made to delay the implementation of ALL the laws that Congress has passed in the last five years regarding insurance of all kinds.

    • October 8, 2013 at 7:05 am
      Roland says:
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      DaBear, there was a time when I was naive enough to think that lobbying groups like NAMIC’s PAC existed to thwart the legislative antics of politicians who were constantly sticking their noses into the insurance business and creating these unintended consequences. Then I started paying attention to what they were really lobbying for. It turns out NAMIC loves legislation that puts taxpayers on the hook for flood coverage so its member companies can make money insuring other perils on those same properties, many of which never would have been built if not for artificially low flood rates. That is theft by legislation, and I refuse to support it. The only kind of lobbying I will ever contribute money to again is the kind that tells busybody politicians to shut up and leave us alone.

  • October 8, 2013 at 12:08 pm
    SuzyQ says:
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    TOO BAD IT’S ALREADY IN EFFECT!!! I HAD A CLIENT’S QUOTED RATE JUST JUMP FROM $450 TO $2605! UNLESS THE CLIENT HAD A SIGNED APPLICATION SUBMITTED PRIOR TO 09/13, THE PRE-FIRM CREDIT IS NOW GONE!

    IT KILLED THE NEW PURCHASE TRANSACTION AS THEY ARE NO LONGER ABLE TO AFFORD THE NEW HOME.

    THANKS A LOT! :( … and yes… I am screaming- thus all caps.

  • October 8, 2013 at 3:38 pm
    Paul says:
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    She didn’t write the bill, she probably can’t even hold a pen. That’s what staffers are for. What is unbelievable is that it’s OK for Waters, a Democrat, to delay Flood Insurance Reform, but if the Republicans want to delay Obamacare, it’s “settled” law, and the sky will fall. Ridiculous!

  • October 8, 2013 at 6:20 pm
    Yankee Doodle Dandy says:
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    Hidden due to low comment rating. Click here to see.

    • October 15, 2013 at 11:13 am
      beachbound says:
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      You should read the comments and read the news articles on how this is affecting the middle class and fixed income people. It is not affecting the “McMansion” as they usually do not buy flood insurance. Also it is not just waterfront property that is affected, but anyone that is in a flood zone of some kind. The new rates should not be in effect until a feasability and affordability study is complete as required by the law. What do you propose that someone does if they have owned a home for 30 years that is market value of $250,000, whose flood insurance was $2100 per year,now when they go to sell it the insurance is $6000 plus a year. The flood insurance is more that P&I. They cannot sell their home, do they just walk away from it? Sales on homes should be treated the same as existing, with an increase to the rate over a period of time, at least then people can budget and plan on the future expense.

    • October 24, 2013 at 9:08 am
      Gavin Magrath says:
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      You are an idiot. People in expensive properties usually pay cash and self insure as the premiums are too high.

      The issue here is that 95% of those affected are in mortgaged properties which had been subsidized for 50 years. No-one could predict a change like this and in any event the numbers are ridiculous.

      It is not the wealthy being affected, it is middle and lower classes who may have been barely aware that they were in a flood zone. The govt in it’s wisdom never announced years ago (as they should have) that this would happen.

      Typical Govt arrogance and politicians making rash decisions to look good to their peers. Florida is hardest hit but Fl has paid in 18 billion and only collected on 4 billion.

  • October 8, 2013 at 9:34 pm
    Chaser says:
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    Its sure is in affect I just tried to buy a house that was in a flood zone house has never flooded they quoted me $1400 a year last month and when we came to close on the new house after Oct 1st it jumped to $7968 a year

    • October 10, 2013 at 11:13 pm
      JimmyPage says:
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      Did you walk away from the home?
      I am currently supposed to close on a house in 2 weeks and found out the flood premiums are $6K. The problem is, we LOVE the house and the Houston housing market is completely out of control. Every house seems to sell in a day… so we know the seller wont renegotiate… but once the market realizes flood insurance is so high, housing prices will likely plummet… unless congress changes the law… who knows if that will happen. I think we need to walk away…

  • October 10, 2013 at 10:54 pm
    JimmyPage says:
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    Chaser,
    What did you do? I am in the same boat… I have spent about $4K on inspections/earnest money etc… but the flood insurance is going to be $6K…I dont know what to do… We LOVE the house and the housing market in Houston is so out of control everything sells in a day so im sure the seller wont renegotiate… but the market has not heard about the flood premiums… So if I buy now and try to sell later, I will get killed because no one wants to pay that kind of insurance…

    • October 11, 2013 at 8:59 am
      Roland says:
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      Jimmy, I’m sorry to hear of your predicament, but let me say again: this is what happens when politicians screw around with commerce so they can look compassionate and win the next election.
      Some people accuse me of wanting to argue about politics all the time. They are wrong. I hate politics; it is an evil ingredient that has to be kept out of the world of commerce. When those strutting demagogues are allowed to interfere with peaceful, voluntary exchanges among consenting adults, they always make things worse for us. Always.
      If there had never been any taxpayer-backed flood insurance, the market would have sorted this all out a long time ago, and honest folks like you who just want to have a nice home would not have been ambushed.

  • October 19, 2013 at 1:25 pm
    Mark G says:
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    In Oct of 2011 I purchased my dream/retirement home on the coast of N.C. I was paying $3000/yr for flood insurance. After reading an article on the changes I contacted my agent for the rate a buyer would pay. The first quote was $59,000/yr. After this near death experience I was able to get the agent to revisit the quote and she got me to a bargain $29,000/yr if I knocked off my contents coverage and she used a different chart. This will bankrupt me!! I will have no choice but to walk away and destroy my credit!! How is this fair? Not selling now!!!

  • October 22, 2013 at 11:48 am
    Dotty Farias says:
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    It is important that everyone realize that this bill was passed without performing the affordability study. The unintended consequences are so wide reaching across the US not only the coastal regions. The trickle down effect if we do not stop this bill as it is written is very overwhelming and scary. As people walk away from premiums that may often be more than they actually earn for a living, the housing industry and all its subsidiary industries, which is a major foundation for a healthy economy will begin to crumble. We all agree that NFIP is broke and not working as it should. It needs a new business model where the risk is spread out like wind insurance through high and low risks. We need a grass roots movement to stop this before it is too late. It doesn’t matter your political affiliation, this is going to affect the entire country in a very tragic way.

  • October 23, 2013 at 7:07 pm
    Rob says:
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    I live in a flood plain. I knew going into this 12 years ago I would need flood insurance. It was $800 a year. It is now $2300 a year, and with this legislation my insurance could go to $7500 a year or more. I have no idea what to do. I can’t afford the flood insurance and I can’t possibly sell my house(who would buy it with a $7500 insurance bill every year.) I am so scared right now I can’t even begin to explain it.

    When all of us walk away from our homes and the banks are left with millions of unsellable foreclosures what happens? This is a nightmare and I can only pray that something happens to help me.

  • March 19, 2014 at 10:29 pm
    Manning says:
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    Before building the bank had me verify I was out of the floodplain. The town inspected the location and reviewed my plans and charged me for a building permit. I paid for a elevation survey and I was fine. The bank was fine. I then built my dream home with my savings and a mortgage. FEMA revamped the maps and put me in but by their own numbers I should be out. They said to correct this I must file a for a letter of map amendment. No basement allowed – I cannot get out of what I should have never been in they placed me in Zone AE to start with. WTH?????

  • April 9, 2014 at 10:34 am
    cathy says:
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    Hey I don’t know what we can do but we are arming our forces in our neighborhood. The bigger we shout, the louder we’ll be heard. I just started a FB page and if I get enough likes I will soon develop a webpage. We need to be heard, this is SO unfair. We are working class citizens and ALREADY seeing demise in our neighborhood with lower sale prices. It’s crazy! Next thing you know we will have a dump of a neighborhood with rentals because no one will want to buy.https://www.facebook.com/pages/Citizens-Demanding-repeal-of-the-Bigger-Waters-Reform-Act-of-2012/500131536776586



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