Naples, FL, March 15, 2014 - The U.S. House passed a flood insurance bill that will help reduce the effects on property owners from the previously approved Biggert-Waters flood insurance bill that contributed to as much as a tenfold rate increase on second-home owners, businesses, and primary home owners that have been trying to sell their home. “Gulf Coast Educators Insurance is happy to see that the Florida House of Representatives is doing the right thing by passing this new bill to help prevent the recent spike in disproportionately high flood insurance rates,” states Ron DeFreitas owner/operator of Gulf Coast Educators Insurance.
This new bill will not only prevent higher rates from being imposed on Florida homeowners, but will also ensure that new homes being built will meet current flood zone map regulations. The new bill also protects new homes from being re-classified under a new map and face higher premiums. “Older homes that became subject to higher flood insurance premiums due to new flood maps will now be protected under this new bill, and help Florida’s property owners and the local economy,” adds DeFreitas.
Property data shows that many Florida homes were in fact primary residences, instead of secondary homes, which prompted the creation of the new bill. On the flip side, the legislation will not help second-home owners or businesses and will still allow for a 25 percent annual rate increase for those types of properties.
DeFreitas says, “Gulf Coast Educators Insurance recognizes the federal need for protection from catastrophic events such as Hurricane Katrina and Sandy, however, this new bill will help primary homeowners and the recovering housing market. We hope that the Florida Senate also sees this need for Florida homeowners and the housing market.”
Gulf Coast Educators Insurance is the leader in Home and Property Insurance in Southwest Florida. Their experienced insurance agents also provide insurance policies for flooding, condominiums, renters, as well as life and auto policies.
Gulf Coast Educators Insurance has three convenient Southwest Florida insurance offices. For a free homeowners insurance or property insurance policy review please call 239-591-0963 for the Naples insurance office. For residents looking for insurance in Port Charlotte, Florida please call 941-391-5423. Gulf Coast Educators has their third insurance office in Ft. Myers, FL. Residents in Ft. Myers are encouraged to call 239-997-0420 for assistance with insurance or visit online at http://www.propertyandhomeinsuranceflorida.com.
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