Delay implementation of the proposed flood insurance increases

The Biggert-Waters Flood Insurance Reform Act of 2012 will send the cost of flood insurance premiums soaring for many people who live in areas deemed to be low-lying or high-risk. This impacts every coastal area of the United States as well as inland areas throughout the United States deemed to be in a high risk area. Property owners who hold mortgages are forced to carry flood insurance and the rates will rise in some instances to over $20,000.00 per year. This will cause properties to become worthless, people will not be able to afford premiums and will not be able to sell them. This also impacts businesses and people who own these properties as vacation homes. A delay in implementing the insurance act will allow time for legislators to reach an achievable solution to this problem.