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Lake, River Dwellers in Comal, Guadalupe Counties See Flood Insurance Rates Soar

 
Lake, River Dwellers in Comal, Guadalupe Counties See Flood Insurance Rates Soar
Posted October 31st, 2013 @ 4:30am by Berit Mason

Bad News for Flood Prone Homeowners ...
Flood insurance is not only rising ...  it's set to soar.
====================================

Guadalupe County attorney David Willborn says thanks to some complicated legislative issues ....
federal flood insurance is set to
rise 1,000%. Why?

"The NFIP has been in debt a number of
years so in 2012 they passed the new legislation that that debt be paid back and that is requiring that these insurance rates go up."

The National Flood Insurance Program's
repayment affects homeowners who
purchased after July 6, 2012.

"This new rule was stuffed inside a 500 page energy bill and it had to be passed and only one senator demanded that it be included in the legislation but almost every senator voted on it because the bill had to be passed,"
he says.
 
Willborn says homeowners in his area
fear having to skip out on their mortgage.

Willborn says legislation is pending to delay the action while politicians figure out what to do.

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