“This shouldn’t be a gov’t program .. in Florida in the last 40 years the payout has been about 27% ,, a 73% profit margin ... and peoples rates are going up in most cases 400==>500% ...”
Please, PLEASE!
Post some sources, as this will have an effect on the argument.
Ironically, the hard data for many social engineering arguments is available, but not in a form most can either find or understand.
Your sources are a good case in point.
Post some sources, as this will have an effect on the argument. best I can find is this ==> http://www.tampabay.com/news/business/banking/anxiety-spreads-over-soaring-flood-insurance-rates/2140996 many other (newspaper) sources seem to have paywalls..
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I’d be glad to but as with most government programs getting things broken out is difficult ,, they specialize in obfuscation.
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copied from Matt Weidners website (Tampa Lawyer)
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The 2014 Biggert Waters Flood Insurance Ripoff, 10 Key Facts And URGENT Advice For Consumers!
September 28, 2013
by Matt Weidner
Flood Insurance- The Biggert Waters Flood Act
No Comment
The reporting is becoming more and more persistent…people are starting to realize that they’ve lost everything. All the equity in their homes is gone. Entire sectors of the economy have been devastated. Realtors that worked Florida marketplaces can kiss their jobs and livelihoods goodbye.
And while there are whispers of solutions or ways to work around this catastrophe, I can tell you that the changes are here and this problem is not going away. With talk of a complete federal government shutdown, there is zero chance that Congress will do any thing to address this catastrophe and the state is completely incapable of doing so.
florida flood insurance
Photo credit: Val Huffman www.noframes.ca
With that in mind, I wanted to provide 10 Flood Insurance Key Facts that all consumers need to know:
1. Flood insurance rates will rise 25% per year….indefinitely.
2. Florida has 4 times the policies of any other state
3. Florida paid $16 Billion, received just under $4 billion over the 35 year life of the program
4. Florida alone would be paying 60% of the premiums for the entire country.
5. Florida has approximately 2 million flood policies
6. 270,000 Florida properties could face huge flood insurance rate hikes, three times more than the next most-affected state, New Jersey.
7. Pinellas County accounts for 51,000 of the policies impacted by the Biggert-Waters changes
8. 14,484 Hillsborough County properties could lose their subsidized rates over time. In Pasco, the number is 11,413; in Hernando, 1,044; in Citrus, 2,882.
9. Whether you pay a premium of $4500 or $45,000, the maximum payout for flood insurance is $250,000 and paid coverage events are very limited.
And the most important fact:
10. The Biggert Waters Flood Act Will Cause Complete Devastation of Florida Real Estate!