Local Impacts of Biggert-Waters Flood Insurance Reform Act

The Biggert-Waters Flood Insurance Reform Act of 2012 went into effect Oct. 1.  The law is intended to close the National Flood Insurance Program’s $24 billion deficit by phasing in a series of rate increases.  However, without action by Congress to delay the law, many Southwest Florida property owners will see exorbitant increases in their flood insurance rates.  We’ll explore efforts to mitigate the law’s adverse effects on property owners, the local economy, and the recovery of the housing market.