Flood Insurance News for Sarasota Buyers and Home Owners
No matter how much we manage to work our way back to an improving real estate market one thing and then another continues to stand in the path of recovery. Tom Luzier, one of our favorite closing attorneys, has this to say about the new Flood Insurance Rules that are set to go into effect on October 1st for the state of Florida.
He explains very clearly the ways in which this will affect both buyers and current property owners in the aftermath of hurricane Sandy. What I find the most interesting about this is that in a period in our history when one of the “hot buttons” is about the widening gap between the middle class and the wealthy is that by passing this legislation, it almost goes without saying that the average person requiring flood insurance may now be forced to sell their property leaving waterfront homes and condos only available to those who can afford to insure them.
More time should have been spent working out a better solution before hastily throwing this bill together and passing it. Every government action has consequences that should be thoroughly explored instead of just passing it and reading it later to see what was in it.
(Permission was received from Mr. Luzier to use his article.)