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Tarpon commission takes on new flood insurance rates

TARPON SPRINGS — Homeowners in Tarpon Springs, which is surrounded by water in nearly every direction, may be among Pinellas County's hardest hit on Oct. 1 when new flood insurance rules send rates soaring.

Monday, city commissioners plan to pass a resolution asking Congress to repeal the Biggert-Waters Flood Insurance Reform Act, the 2012 law intended to shore up the country's debt-plagued flood insurance program by phasing out lower, subsidized rates for older properties in flood zones.

The effect in Tarpon Springs — which is the oldest city in Pinellas — and elsewhere is that flood insurance rates could hike 25 percent annually. For homeowners who bought after July 6, 2012, premiums could be 10 times higher after the law takes effect.

Mayor David Archie and Commissioner Townsend Tarapani warned last week that the law will be a fiasco for Tarpon Springs if Congress doesn't act.

The commission's flood insurance discussion will be after the budget hearing, which begins at 6:30 p.m. Monday at Tarpon Springs' City Hall, 324 E Pine St.

Tarpon commission takes on new flood insurance rates 09/22/13 [Last modified: Sunday, September 22, 2013 9:34pm]
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