Homeowners oppose flood insurance rate hikes at forum in Seminole
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More than 500 Pinellas County homeowners and realtors worried about upcoming hikes to flood insurance rates packed an auditorium at St. Petersburg College in Seminole last night. Next Tuesday many rates go up because of the Biggert-Waters Flood Insurance Reform Act of 2012. Congress passed the Act to help finance the National Flood Insurance Program, which went into debt after Hurricane Katrina in 2005. It removes federal subsidies from properties in flood zones leaving a large cost burden on the homeowner. Panelist Tim Fellabaum represents the Bankers Insurance group. He says Florida and Pinellas County in particular are extremely vulnerable to the new changes.