![]() Pete Beach city commission earlier this month, Jake Holehouse, president of St. “We’re part of the solution here and now they’re saying, ‘Well, we don’t care about that anymore.’”ĭuring a presentation to the St. We’ve met and exceeded your goals, FEMA,” Pletcher said. Pete Beach has incentivized homeowners to build in ways that, under the change, are no longer guaranteed to keep their flood insurance costs low, she said. The new rules particularly stung for Pletcher, because the city of St. People living close to the water are more likely to see hefty increases in their premiums, in some cases by 10 times or more over multiple years. Pletcher’s case is not unique - particularly in a place like Tampa Bay, where tens of thousands of people live in flood zones. More than a million of them, or 80 percent of policyholders in the state, will see their premiums go up, according to the agency. YOu can email to let us know what happens with yours.The Federal Emergency Management Agency is finally rolling out changes to the National Flood Insurance Program, which is the carrier for roughly 90 percent of Floridians with flood insurance. We’ll continue to follow what happens with polity holders in Southwest Florida. Some members of Congress worry the increases will cause people to cancel their coverage.įriedlander says don’t do that, and instead, look at other options if you aren’t happy with your new rate. Senator Marco Rubio recently co-sponsored a bill to try to keep policyholders’ rates from going up. So a very modest increase”, Friedlander explained. ![]() “Roughly 68% of homeowners who currently have a National Flood Insurance Program policy, will see an increase ranging from $0 to $10 a month, so at the most, $120 a year. The next year, another 18 percent, until it hits the $3,000 mark.īut Friedlander said that’s unlikely for most policyholders. When their policy renews, the maximum it would go up is $180 dollars the first year. Your rate will slowly increase until you hit what FEMA thinks you should pay but no more than an 18 percent increase each year.įor example, FEMA might decide someone who pays $1,000 a year for flood insurance should be paying $3,000 because they live on a canal. They’ve been paying less than they should. ![]() They will no longer bear the cost for the policyholders with higher value homes who have been. So it’s very specific on your individual properties, risks, it’s not a community-wide assessment, like it may have been in the past.”įEMA has said in the past, the goal is leveling the paying field.ĭavid Maurstad, a senior executive with the National Flood Insurance Program, said in a 2021 interview, “Policyholders with lower value homes that have been paying more than they should. Mark Friedlander is with the Insurance Information Institute tells me this is how private flood insurance works. The bad news 80 percent of Floridians will see a price increase.įEMA says the new plan lays out a homeowner’s yearly flood insurance rate based on how likely it is that their home would flood and how much it would cost to repair. ![]() Starting April 1, and when policies renew, policyholders will get a new rate according to the new risk rating. Insurance experts say FEMA’s program has been operating at a deficit since it began and congress has bailed it out a few times already.īut Risk Rating 2.0 is supposed to be a fairer, more accurate model making sure everyone pays their fair share.Īs you know, Florida is no stranger to flooding, and for decades homeowners have relied on FEMA’s National Flood Insurance Program because of the lower rates. FEMA’s National Flood Insurance Program is changing the way it calculates what each property owner has to pay. A Florida necessity is getting more expensive for many.
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