Florida continues to lead the nation in foreclosures, homeowners’ insurance rates continue to rise, and now we’re the target for flood insurance. Statistics show that although Floridians paid $16 billion in premiums in the last 20 years, we collected less than $4 billion in claims.
So Florida pays for all of the other states’ flood catastrophes, and now we’re threatened with the biggest insurance rate hike in history due to the National Flood Insurance Program being $24 billion in the red.
If you bought an average price home and then had to pay as much for homeowner and flood insurance as the mortgage payment, it would be unaffordable.
Let’s give a final stab to the real estate market and depend on foreign investors who pay cash.
Asking private insurers to enter the flood insurance market in Florida will be another fiasco like the Citizens debacle.
Marie D. Valenti, South Miami