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Increasing flood insurance rates has hotel owners worrying

10:04 AM, Sep 14, 2013   |    comments
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Indian Shores, FL - Huge and expensive changes may be coming your way in the next few weeks if you have a flood insurance policy.

In some cases, your lender may even require you to carry the coverage.

The Flood Insurance Reform Act of 2012 is set to go into effect October 1st unless congress stops or delays it. Many people don't even know it - and may not - until they get the bad news in their renewal notices.

This has some who own properties along the beach worried.  According to one business owner interviewed by the Tampa Tribune,  "I can't afford to say in business like this.  If I have to jack my rates up to cover that, I'm no longer affordable."

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Check out our story from earlier this month

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