Flood insurance rate hikes are set to begin October 1st.
Despite a plea from Senator Bill Nelson to delay the implementation of the flood insurance reform act, so far, it's a go.
Florida mortgage broker Denise Drews says if there's no change to legislation, there's nothing anyone else can do.
Florida lawmakers have introduced legislation to delay the implementation of the law, but so far there's been no action.
Drews says the enormous flood insurance bills expected from the hike will bring the real estate recovery in South Florida to a screeching halt.
She says the owner of a $100,000 home could be facing a $10,000 flood insurance bill.
If a house or business is sold, the rate increases could be even more stunning.