Legislators


The House and Senate in Washington D.C. are ready to put this old bill(Biggert – Waters) behind us. This was a bill that was hard fought and passed in 2012, when almost no bills were passed so this was purely political in nature for sure. In the meantime, the President will sign it and make Flood Insurance easier for a while, but in 3-4  years the problem will resurface for sure. In Tallahassee, our Legislators will also pass the Private Flood bill so Flood Insurance should not be as much of an issue like it would have been for many in Fort Lauderdale, Tarpon Springs and all over Florida. Please read the full article below and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood, Auto, Business & Commercial, and Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/03/16/323451.htm

 

This bill will now be called the Grimm-Waters bill and takes back the Biggert-Waters bill and stops it in the path it was on. This is a huge win for Homeowner’s and the Real estate industry. The homes that were always, Location, Location, Location, also were huge targets for Biggert-Waters. Older homes that are Pre- Firm or on the water were most likely to be hit hard. Grimm-Water’s will allow the Subsidies to come back and cap Price increases. The rule will be 10-18% or a max of 1% of coverage A which will be $250 at most per year. Obviously Flood Insurance rates still have to increase for FEMA to pay back the Fed on it’s bail out since they are still in debt about 25Billion. FEMA seems to be taking the blame for all of this, but I do not see it this way. FEMA simply rolled out the bill passed in July 2012 and now they will roil out this bill. This is an election year so Politics won this fight for now, but a win is a win for a short While Florida Politicians in Tall. will still be forging on with a Private Flood bill because this bill will still have to be changed after FEMA completes a Feasibility study for 3 years or so and then decide what else they can do. Lot’s of Information to Inhale, but residents of Fort Lauderdale, Tarpon Springs and all along the coastline of Florida will now rest easier for a few years. Please read the full article below. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/03/04/322194.htm

Biggert waters Flood Bill with FEMA, may finally be repealed with HR 3370. With 230 in favor in a test run and even Democrat Maxine Waters, the sponsor of the original bill, the vote should pass. Money could be refunded to those who overpaid and limits on increases will also be in place. Private Flood is still ongoing in the Florida House and Senate as well. We will see how this affects all of us in Fort Lauderdale, Tarpon Springs in Tampa and the rest of Florida as well. Please enjoy the full article below and be looking for the passing of this bill by Friday this week. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood, Auto, Business & Commercial and Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/03/04/322127.htm

Please read the full article below to see how this affects us here in Fort Lauderdale, Tarpon Springs and all over Florida. This could be a temporary fix for primary homeowners, but not investors. We also do have a Private flood market now and a bill going through Tallahassee as well to make Private flood the best place to look for the High Risk people for now and many years to come. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood, Auto, Business & Commercial, and Life & financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/national/2014/02/24/321318.htm

The Senate passed the bill on a 2-1 margin, but the House of Representatives will not be so easy. Many Republicans do not want to tamper with the bill especially the ones from Texas & Georgia who are on the committee as well. The senate bill removes price reforms and the House will try a modified version. Still seems like party lines are drawn and the Private Flood market is looking better and better. Even if the vote passes, there will still be issues to deal with in 3-4 years after all of the Feasibility studies are done by FEMA. I will let you know when the vote is done and we will see what the Legislators in Washington D.C. will do with this. Please read the full article below and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial and Life & financial products as well.

http://www.iamagazine.com/news/read/2014/02/13/flood-insurance-bill-set-for-house-vote

Private flood is working and Lloyds is the backer. This is considered Surplus lines so it is not guaranteed by our government, but it is by Lloyds of London and they have plenty of money. For all of those getting these high rates, please call us and we will shop out your Flood policy and other policies as well. The rates in Fort Lauderdale, Miami Tampa, Tarpon Springs and other Key areas here in Florida. There is still a bill passing through the Legislators in Florida which should allow the program to expand as well. Please call L & S at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below.

http://www.insurancejournal.com/news/national/2014/02/10/320017.htm

They(these House Republicans) do not care because Flood insurance does not affect them and they assume most people in High risk areas are wealthy! This is not the case for many and this will still be a problem that could take weeks or months to resolve. The Private flood market and not the plan with FEMA, with our Legislators, should progress faster so we have 2 options to help us here in Fort Lauderdale, Tarpon Springs and all of Florida. The governor will sign the bill when it passes so time is the only issue so far. I will keep you posted, but keep watching my blogs as the sessions start soon. Please enjoy the full article below and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial & Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/02/04/319303.htm

Now the House has to agree and that is not always something we can count on. In this scenario, Flood rates would increase still, but only in small amounts and not the 14-36K premiums we have been seeing. We still have a Private flood bill being considered here in Florida and 6 additional states as a backup. It looks like 1 way or another Flood Rates will be kept in control for at least a few more years until another solution is found. In Fort Lauderdale, Miami and Tampa, a sigh of relief will be felt is the House does do something good for a change. Let’s see who plays politics as usual in the next few weeks and hope for the best from Washington DC. Please read the full article below and please call L & S Insurance at -1888-244-7400 for quotes on Home, Flood, Auto, Business & Commercial and Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/01/30/318963.htm

Led by Senate Banking and Insurance committee in Tallahassee and sponsored by Senator Brandes of St. Pete, the Flood bill being privatized is well underway. Still many concerns, but Washington does not seem to have a better solution so it will not wait for the Fed and FEMA. This could help over 280K people in Fort Lauderdale and Florida and 6 more states may still come. Any solution to save the Florida Housing market would be welcome at this time. If FEMA and Washington, come up with better ideas then time will tell. Only 2 carriers are in line so far for the private market policies, but the thought is that when the bill passes, more carriers will show up. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial and Life Insurance products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/01/13/316916.htm

While this decision is still going on in Washington, the playmakers are not even waiting for this to happen or not. It looks like a new Flood Policy from a private market will soon be available in Florida and at least 6 other states. The rates for the hardest hit by FEMA, will still be higher than before, but significantly better priced. We have 2 scenarios working to solve 1 problem, so who knows how it will end, but Private flood is coming and will be backed by Lloyds of London. People from Fort Lauderdale, all of S. Florida and Tampa areas like Tarpon springs have all been the hardest hit, but it does look like Private flood will fill in gaps as needed and then we will see how things continue on in the future. We await the passing of the Private flood policy by our legislators in Tall. but this seems to have huge support and should pass quickly. Please call L & S at 1-888-244-7400 for Insurance quotes for Home, Auto, Flood, Business & Commercial, & life & Financial products as well. Please enjoy the full article below from the Insurance Journal for the US.

http://www.insurancejournal.com/news/national/2014/01/09/316502.htm

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