Saturday, November 18, 2017
Business

Price hike expected for flood insurance

RECOMMENDED READING


WASHINGTON — The National Flood Insurance Program, the only source of coverage for 2.1 million Florida households, will raise its rates by an average of 5 percent in October and maybe as much as 20 percent in high-risk areas over the next few years.

Federal officials also have told Florida insurance agents they can no longer provide discounts of up to 15 percent for their customers.

The looming increases are another jolt to home ownership in the state, especially in coastal areas or along inland waterways near sea level, where lenders cannot finance a mortgage without flood insurance. Some of the riskiest areas may even be excluded from coverage, making further development untenable in those parts of the state.

Higher rates are inevitable as Congress lumbers toward revamping the insurance program, which is mired in more than $18 billion of debt.

"People who receive the most subsidies in risky areas will see big premium increases, probably phased in," predicted Eli Lehrer, national director of the Center on Finance, Insurance and Real Estate at the Heartland Institute in Washington. "Rates have to go up. The real question is: Will the program be sustainable? It cannot continue at the rates it has now."

The impact is especially significant in Florida, home to 2.1 million of the nation's 5.6 million flood insurance policies.

The most vulnerable areas to flooding are on the southern tip of the peninsula below Lake Okeechobee and along the Atlantic coast east of Orlando.

The Federal Emergency Management Agency has informed Florida insurance companies that as of Oct. 1 they will no longer be able to provide "rebates," or discounts that have sliced premiums for some customers by as much as 15 percent.

Ending rebates means that many Floridians will pay more, said Jerry Wahl, president of Statewide Condominium Insurance.

"Times are tough," he said, "and we believe all businesses should be permitted to conduct operations in accordance with Florida statutes."

Florida holds 37 percent of policies nationwide.

Comments
Florida jobs recover from Irma, unemployment rate drops

Florida jobs recover from Irma, unemployment rate drops

As economists predicted, the tough hit that Florida jobs took from Hurricane Irma was not long-lived. The state added 125,300 jobs in October, almost breaking even from the 127,400 jobs it lost in September. According to state figures released Friday...
Published: 11/17/17
Apple will postpone release of  HomePod

Apple will postpone release of HomePod

The Washington PostApple said Friday that it’s pushing back its plans for a Siri-powered smart speaker until sometime early next year.The HomePod speaker was announced in June, with an initial launch date set for December. Apple said that its smart s...
Published: 11/17/17
HSN, Good Housekeeping pick five contest finalists

HSN, Good Housekeeping pick five contest finalists

ST. PETERSBURG — Good Housekeeping and St. Petersburg-based HSN have chosen five finalists for their entrepreneur competition. The partners are searching for a novel item to promote as endorsed by the Good Housekeeping Seal, denoting reliability and ...
Published: 11/17/17
Trigaux: State of Tampa Bay startups? Disconnected we falter but there’s a plan to fix that

Trigaux: State of Tampa Bay startups? Disconnected we falter but there’s a plan to fix that

How are we doing?That was the Big Question posed more than once this past week in Tampa Bay. First, the Tampa Bay Partnership and USF debuted in-depth and new ways to measure Tampa Bay across a wide range of indicators to gauge whether we are gaining...
Published: 11/17/17
Tesla’s latest creation: An electric big rig that can travel 500 miles on a single charge

Tesla’s latest creation: An electric big rig that can travel 500 miles on a single charge

The main course was expected: a pair of sleek silver Tesla semi-trucks that get 500 miles per charge, go from zero to 60 mph in five seconds and — if the hype is to be believed — promise to single-handedly transform the commercial trucking industry.B...
Published: 11/17/17
We ask Tampa Bay startup leaders how best to advance entrepreneurial ecosystem

We ask Tampa Bay startup leaders how best to advance entrepreneurial ecosystem

What one thing could be added to the Tampa Bay startup community to help it grow and prosper?The Tampa Bay Times reached out to these leading area entrepreneurs and startup experts for answers.RELATED COVERAGE: Trigaux: State of Tampa Bay startups? D...
Published: 11/17/17
Before you hit the mall: here are some key holiday shopping hours

Before you hit the mall: here are some key holiday shopping hours

Plotting a shopping strategy for the holiday weekend? Here’s a look at holiday store opening hours for some major retailers:Thanksgiving8 a.m.: Kmart1 p.m.: JCPenney4 p.m.: GameStop5 p.m.: Best Buy, Macy’s, Toys "R" Us, Kohl’s6 p.m.: Old Navy, Target...
Published: 11/17/17
Electric, autonomous vehicles featured at Tampa auto show

Electric, autonomous vehicles featured at Tampa auto show

TAMPA — The two biggest trends in the automotive space are ones you’ve likely heard of: electric vehicles and autonomous cars. Both will feature prominently at the Tampa Bay International Auto Show today through Sunday. The event at the ...
Published: 11/17/17
Developer changes approach as downtown Largo project lags in financing

Developer changes approach as downtown Largo project lags in financing

LARGO — Driving down West Bay Drive, you may notice some changes to downtown Largo.A new 29-unit apartment complex on Ridge Road stands finished and ready for residents. South of the complex, land that was formerly home to a community of rundown cott...
Published: 11/17/17
Want to travel solo? Local enthusiasts share stories, tips for holidays trips

Want to travel solo? Local enthusiasts share stories, tips for holidays trips

Stephanie Maisonneuve visited the walled city of Cartagena, a port city off the Caribbean coast of Colombia. She rode horseback down the city’s cobbled streets clucking past flower-filled balconies and massive, wooden arched doors. The travel enthusi...
Published: 11/16/17
Updated: 11/17/17