Romano: Surprise! Flood insurance still a mess, so rates are going up again
Think the Great Flood Insurance Rate Crisis of 2013-14 had been fixed?
Tampa Bay Times columnist John Romano warns that some political maneuvering only muted and delayed the impact of the rate hikes. Now it's time to pay up:
Two years later, the flood insurance frenzy has died down. No one is shouting about inexplicable rate hikes or a real estate apocalypse. Private insurers are slowly entering the marketplace, and FEMA is keeping a low profile.
If you were the optimistic sort, you might even suggest the problem was solved.
And you would be dead wrong.
Starting Friday, the National Flood Insurance Program will embark on another round of rate increases. For primary homeowners in high-risk zones, experts expect the average increase to be in the 9 percent range. For businesses, the increase will be even higher.
Sadly, this isn't unexpected. In some ways, it may have been inevitable.