I read an interesting article related to Florida flood insurance news provided by the Florida Association of Realtors about the state of Florida backing a lawsuit initiated by the state of Mississippi to block flood insurance hikes.

In a previous blog post, we mentioned the changes that were made to the National Flood Insurance Program (NFIP) with the Biggert-Waters Flood Insurance Reform Act 2012.  This post provides additional information regarding our own state and Florida flood insurance news.

An excerpt from the article posted by FAR from the News Service of Florida indicates that the governor, attorney general and Florida’s CFO would file an amicus brief at some point this month in the Mississippi department of insurance’s lawsuit trying to delay flood insurance rate increases.

The lawsuit is asking a federal judge to delay any rate increases due to Federal Emergency Management Agency’s failure to provide a homeowner affordability study of higher flood insurance rates by April 2013 which was required by the Biggert-Waters Act.

According to the article, Pam Bondi, Florida’s attorney general, explains that Florida decided to support the state of Mississippi’s lawsuit rather than file its own lawsuit. This was in hopes that the federal government would quickly address the situation which could impact 270,000 Florida property owners.

The Biggert-Waters Act 2012 requires FEMA and other related agencies to make changes to the way the NFIP is run, including rate increases and flood risk management assessment to make the program financially stable.

We’ll keep you posted on additional Florida flood insurance news, the lawsuit mentioned in this post as it works its' way through the legislative process and the impact it may have on Florida property owners.