Tampa, FL - The cost of owning a home in some parts of the Bay area may be taking a huge jump because of recent legislation designed to make the National Flood Insurance Program solvent.
The legislation is called the Biggert-Waters Reform act of 2012 and although it is national legislation, homes in Florida will feel the major impact and that means that certain homeowners may see the cost of their flood insurance go up 10% to 20%.
For example, according to the Tampa Tribune, an older home with it's lowest floor 6 feet below base flood elevation cost about $2,500 to insure. This rate could leap to $15,000.
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