April 8, 2015 by Jeff Lowen
I just read an article from the Post written waaay back in 2013 about the projected rise in the Potomac, and coastal areas up to three feet in the next couple of decades.
Based on the Maryland Sea-Level Rise Projection Report, this got me thinking. I have friends in Florida that pay about as much as their mortgage just for flood insurance. Will that happen to us here in the DC Metro area? Not to give everyone a scare, but you have to realize insurance companies are contemplating this in their boardrooms. An insurance company is a business and a business is in business to stay in business and that only happens with a happy bottom line.
The Biggert-Waters Flood Insurance Reform Act of 2012 is a law passed by Congress and signed by the President in 2012 that extends the National Flood Insurance Program (NFIP) for five years, while requiring significant program reform. This document provides a timeline of significant changes to the program as well as who is affected by them, what will happen and why it is changing.
Deborah Baisden, president of the Virginia Association of Realtors in Richmond, said 1,300 real estate transactions a day were delayed when Biggert-Waters went into effect, threatening the housing recovery. Whoa!
Saving for your retirement? Kids’ college? Perhaps it’s time to take up a career that offers unlimited income, make your own hours, etc… Wow, who’da thought all those late night get rich rich quick infomercials would come in handy, huh?
All kidding aside, this is a real issue. It hits everyone right in the pocketbook and no one, including Congress has an idea of what to do about it!