Florida Realtors, supported by state officials, are joining the outcry against some of the flood insurance rates mandated by a 2012 federal law, arguing that implementation of a provision mandating immediate application of actuarial rates when a home is sold will bring Florida's housing recovering "to a screeching halt."
The Realtors voiced their concerns during a meeting of the Florida Cabinet. They spoke at the invitation of Republican Gov. Rick Scott, and told the cabinet of the "unintended consequences" of the law.
The meeting is believed by industry officials to be laying the groundwork for Florida to join the lawsuit expected to be filed soon by Mississippi Insurance Commissioner Mike Chaney asking for an injunction against the rate hikes until an affordability study is completed by the Federal Emergency Management Agency, which administers FEMA.
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