Biggert Waters Act – Flood Insurance hikes?
I hear that some people in Florida are seeing HUUUGe hikes in their flood insurance premiums. It’s gotten so bad recently that if your house is in a flood zone, you’re paying 4 or 5 digits on your annual bill and nobody wants to buy your house from you.
Some please explain how this law caused those hikes. Is this like the Obamacare equivalent of flood insurance?
Or is it that the government stopped subsidizing flood insurers with tax money, so the money had to come from somewhere?