US flood insurance sinks homes
Big jump in premium sparked by new federal rule has led to a fall in home prices in flood zones
[TALLAHASSEE, Florida] RANGEL Dockery and her husband bought a waterfront house in Florida four months ago, assuming their US$2,000-a-year flood insurance premium would remain about the same. After reading recently about a change in the federal flood programme, they checked on next year's rates and were stunned: Their bill will grow to US$14,000 annually.
Now the elementary school teacher and her husband Clint, an information technology specialist, are considering selling their two-bedroom St Pete Beach home, probably at a loss, because she said they can't afford the bill, and their mortgage requires flood coverage.
"It was very frustrating to finally have what we've worked hard for all of our life," Ms Dockery, 52, said. "I feel like the rules were changed …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale