It was a way to remove FEMA subsidies from flood insurance, but now, an act passed by congress and now in effect nationwide, is threatening to cripple local real estate markets.
A week ago, WTRF introduced you to two home buyers, who like thousands, are struggling with the cost of a new flood insurance policy. Now, another homeowner says the problem is so massive that he’s not about to sit and watch his neighbors lose their homes.
Greg Kloeppner says he is not optimistic they could find a buyer for his home. He wants to even the playing field and slash residential property values by 90 percent, and commercial and industrial properties by half to make up for the increasing cost of flood insurance.