Florida Flood Insurance To Increase

I don’t normally like to post negative news – however this is informative to buyers and sellers of homes in St. Augustine.   I just read an article from South Florida Sun-Sentinel that stated that flood insurance rates will increase.

“The National Flood Insurance Program, the only source of coverage for 2.1 million Florida households, will raise its rates by an average of 5 percent in October and maybe as much as 20 percent in high-risk areas over the next few years. Federal officials also have told Florida insurance agents they can no longer provide discounts of up to 15 percent for their customers. [Source: South Florida Sun-Sentinel]”

So, what will this mean to the improving real estate market in Florida?  St. Augustine is a coastal community with the Atlantic Ocean to our east and the St. Johns River to our west.  A lot of homes will be effected by this change.