Tybee residents relieved after flood bill revised - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Tybee residents relieved after flood bill revised

Posted: Updated:
TYBEE ISLAND, GA (WTOC) -

Tybee Island residents are relieved after President Obama signed a bill that would scale back on flood insurance premiums.

Many residents were concerned that they were going to break the bank or even have to tear down their house and rebuild because the flood insurance rates were going to be astronomical.

Some people are still concerned about what's going to happen in the long run.

On Friday, President Obama signed a bill modifying the Biggert Waters Flood Insurance Reform Act, cutting back on increasing flood insurance premiums. 

It also will allow below-market insurance rates to be passed on to people buying homes in flood zones.

Tybee Island Mayor Jason Buelterman said he is thankful because most residents will not be seeing a significant impact.

However residents will see a gradual increase over the years and some are wondering if their insurance will eventually become unaffordable.

"You could have your house paid for but your flood insurance could be like a whole other payment, so it could really devastate a lot of people and it could literally run a whole class of people off the coast," said homeowner JB Riffle.

If you are wondering how this bill might affect you,  you should contact your insurance company.

 

Copyright 2014 WTOC. All rights reserved.

Powered by WorldNow