Flood insurance action expected after the first of the year

sjones@thesunnews.comDecember 20, 2013 

Laura Crowther, CEO of the Coastal Carolinas Association of Realtors, expects the U.S. Congress will act early next year to delay further implementation of the new flood insurance rates.

The new rates, which began to take effect this year, will eventually require that all homes in designated flood zones pay the full cost of insuring them. The federal government has subsidized flood insurance for decades, and the end of that program means insurance costs to homeowners will rise dramatically on some properties.

A bipartisan coalition in Congress is willing to delay the increases, as much as four years, while a study is done on the program.

About 50,000 properties along the Grand Strand could be impacted by the new rates. Nationwide, 1.1 million properties are in flood zones, and concern over the new deal has raised warning flags among some Realtors along the Gulf and Atlantic coasts that it could cause a slowdown in the market.

Crowther said it doesn’t appear that the rollout has affected area sales to a great extent, but she cautioned that the association is trying to get an exact count of sales that have been sabotaged so far by the higher rates.

She said she knows of about a dozen.

The association is looking for the study to provide the numbers to send Congress in case they are needed to push the legislation through both chambers.

Contact STEVE JONES at 444-1765.

Myrtle Beach Sun News is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service