TAMPA, Fla. (AP) — Hillsborough County doesn't have a single house on the Gulf of Mexico and only about 2,000 that directly front a bay.
Nonetheless, there are thousands of other single-family homes — modest bungalows as well as million-dollar mansions — that could be hit with soaring flood insurance rates under a new federal law that takes effect Tuesday.
The Tampa Bay Times (http://bit.ly/1bf0zhK) reports the Hillsborough County Property Appraiser's Office released a map showing approximately 21,800 older homes that until now have qualified for lower, subsidized flood insurance premiums.
All of them could see their discounted rates phased out as a result of the Biggert-Waters Act, passed by Congress in an effort to return the National Flood Insurance Program to solvency.
Information from: Tampa Bay Times (St. Petersburg, Fla.), http://www.tampabay.com.