Business owners worried about flood insurance premiums - WNCN: News, Weather

Business owners worried about flood insurance premiums

Posted: Updated:
MANATEE COUNTY, FL (WFLA) -

In a few weeks, many Tampa Bay business owners will face a spike in flood insurance premiums.

And it's not expected to let up for another few years.

The federal government is phasing out some subsidies that have been in place for decades and it could hit business owners hard.

Restaurants must walk a fine line to make a profit. You've got to spend money to make money.

While patrons pony up for that special meal, the restaurant is responsible for supplies, ingredients, and wages.

And starting October first, some business owners are in for sticker shock.

The President of the Anna Maria Oyster Bar, John Horne said, "Everybody's concerned about flood insurance right now."

When John Horne is not running the Anna Maria Oyster Bar, he's involved with the Florida Restaurant and Lodging Association.

And he's been getting an earful about increased flood insurance premiums.

In a few weeks, the government will begin phasing out federal subsidies for flood insurance.

"Just one way the government found to get some money back," said Horne.

FEMA says one of the reasons is to make the National Flood Insurance Program more financially stable.

Horne says older businesses on a lower flood plain could face steep hikes.

Horne said, "You're going to lose 100% subsidy. And so they're phasing it in over four years, so its 25% over the first year, then…. 25, 25, 25."

In other words, over the next four years, many business owners will be expected to pay significantly more for flood insurance.

Horne says many business owners are legitimately concerned. So he's going to Washington, D.C. next week to ask for help.

Horne said, "You've got to contact your congressman, you've got to seek relief with them."

Horne said for concerned business owners, that's the best thing to do.

Some lawmakers in both the House and the Senate have already been pushing to delay the implementation of the law.

  • 8 On Your SideMore>>

  • Frightened neighbors voice concerns about Pasco mental health ALF

    Frightened neighbors voice concerns about Pasco mental health ALF

    Friday, August 22 2014 6:01 PM EDT2014-08-22 22:01:54 GMT
    In the middle of a New Port Richey subdivision on Langston Ave. white iron gates lead to a large compound surrounded by barbed wire fences. Inside there is a swimming pool, parking lotand several buildings that formerly served as the neighborhood HOA community center.
    In the middle of a New Port Richey subdivision on Langston Ave. white iron gates lead to a large compound surrounded by barbed wire fences. Inside there is a swimming pool, parking lotand several buildings that formerly served as the neighborhood HOA community center.
  • Bradenton apartment complex to be repaired after 8 On Your Side report

    Bradenton apartment complex to be repaired after 8 On Your Side report

    Friday, August 22 2014 4:47 PM EDT2014-08-22 20:47:05 GMT
    Last week, 8 on your side showed you some of the dilapidated conditions inside some units at the Townhouse Park Apartments in Bradenton.Tenants were having problems with mold and rodents.There was also water damage.
    Last week, 8 on your side showed you some of the dilapidated conditions inside some units at the Townhouse Park Apartments in Bradenton.Tenants were having problems with mold and rodents.There was also water damage.
  • 2.2 million bean bag chairs recalled after deaths

    2.2 million bean bag chairs recalled after deaths

    Friday, August 22 2014 11:01 AM EDT2014-08-22 15:01:24 GMT
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death. CPSC photoAbout 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death. CPSC photo
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death.
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death.
  • NewsMore>>

  • Duke Energy billing change making Florida consumers upset

    Duke Energy billing change making Florida consumers upset

    Friday, August 22 2014 9:14 PM EDT2014-08-23 01:14:14 GMT
    Duke Energy customers in Florida are a little hot this month, and not just because of the weather.Duke is changing it's billing cycle and adding up to 12 days to customers bills.Duke says it is rerouting their meter readers to make shorter trips.
    Duke Energy customers in Florida are a little hot this month, and not just because of the weather.Duke is changing it's billing cycle and adding up to 12 days to customers bills.Duke says it is rerouting their meter readers to make shorter trips.
  • Frightened neighbors voice concerns about Pasco mental health ALF

    Frightened neighbors voice concerns about Pasco mental health ALF

    Friday, August 22 2014 6:01 PM EDT2014-08-22 22:01:54 GMT
    In the middle of a New Port Richey subdivision on Langston Ave. white iron gates lead to a large compound surrounded by barbed wire fences. Inside there is a swimming pool, parking lotand several buildings that formerly served as the neighborhood HOA community center.
    In the middle of a New Port Richey subdivision on Langston Ave. white iron gates lead to a large compound surrounded by barbed wire fences. Inside there is a swimming pool, parking lotand several buildings that formerly served as the neighborhood HOA community center.
  • Crash closes I-75 NB in Manatee County

    Crash closes I-75 NB in Manatee County

    Friday, August 22 2014 5:39 PM EDT2014-08-22 21:39:17 GMT
    Deadly crash in Manatee County.Deadly crash in Manatee County.
    There is a deadly accident on Northbound I-75 in Manatee County right now.The crash involves a tanker truck and multiple other vehicles. All Northbound lanes on I-75 near Ellenton are closed right now,
    There is a deadly accident on Northbound I-75 in Manatee County right now.The crash involves a tanker truck and multiple other vehicles. All Northbound lanes on I-75 near Ellenton are closed right now,
  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Haircuts for the Homeless

    Haircuts for the Homeless

    Wednesday, August 20 2014 11:38 AM EDT2014-08-20 15:38:55 GMT
    On his days off, stylist Mark Bustos gives free haircuts to the homeless of New York City. Here are some of the transformations.
    On his days off, stylist Mark Bustos gives free haircuts to the homeless of New York City. Here are some of the transformations.
  • 59 Arrested By Greenville Police In Latest Prostitution Sting

    59 Arrested By Greenville Police In Latest Prostitution Sting

    Tuesday, August 19 2014 9:30 PM EDT2014-08-20 01:30:28 GMT
    Greenville Police released information Tuesday that 59 people were arrested in a four day long prostitution sting.
    Greenville Police released information Tuesday that 59 people were arrested in a four day long prostitution sting.
  • 2.2 million bean bag chairs recalled after deaths

    2.2 million bean bag chairs recalled after deaths

    Friday, August 22 2014 11:01 AM EDT2014-08-22 15:01:24 GMT
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death. CPSC photoAbout 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death. CPSC photo
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death.
    About 2.2 million bean bag chairs are being recalled after two children opened them, crawled inside and suffocated to death.
Powered by WorldNow

1205 Front St., Raleigh
N.C., 27609

Telephone: 919.836.1717
Fax: 919.836.1687
Email: newstips@wncn.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.