Flood Insurance becoming more expensive
By Gregory Woods firstname.lastname@example.org
CHARLESTON, S. C. (WCIV) -- Living near the water is expensive, but thanks to the Biggert Water Reform Act passed in 2012, it's not the mortgages homeowners are worried about -- it's the flood insurance.
"We're seeing extremely high rates ranging anywhere from $5,000 to $10,000. I've seen one at @22,000 and I have heard of worse," said Joan Lyman, an insurance associate at Wynn Insurance Agency.
Lyman said the law takes away insurance subsidies from people whose homes were built before 1974.
Taking away the subsidies have had an effect on future buyers.
"People are not purchasing homes based on the fact that they do not want to commit to a flood premium that is several thousands of dollars to tens of thousands of dollars a year," said Lyman.
State House Rep. Leon Stavrinakis says he has a plan to help those homeowners who are in jeopardy of losing their homes.
"It if passes we will not allow people to be foreclosed upon simply because of flood insurance," said Stavrinakis. "If they are paying their mortgage and paying their bills and this is the only reason they are losing their home, because of flood insurance rates mandated by congress we would not allow that to happen."
Stavrinakis pre-filed the bill and hopes to have it introduced when lawmakers head back to work next week.