The new flood premiums could have a significant effect on homeowners with state-run Citizens Property Insurance policies. Auto insurance premiums are consistently in the top five most expensive in the nation. The 845 homeowners in the 33715 ZIP code, which includes Tierra Verde, could see 413% increases, from $1,170 to $6,003.įloridians are already paying the highest homeowners insurance premiums in the nation. In the 33621 ZIP code, which includes MacDill Air Force Base, the roughly 560 homeowners could see 406% increases, from $612 to $3,093. Two Tampa Bay ZIP codes are among the 10 in Florida facing the highest increases. “It makes no sense that residents of a donor state should see their premiums increase,” Scott said, adding that he would reintroduce the legislation.įor the roughly 600,000 Floridians with single-family homes covered by federal flood insurance - the most of any state - the new methodology projects rates rising 104% on average, from $888 to $1,808. Scott said in a statement Wednesday that the new ratings system “is unsustainable and unaffordable for Florida families.” Currently, Florida pays more into the flood insurance system than is paid out, he said. Rick Scott said he has introduced legislation to allow more companies to offer flood insurance and require FEMA to disclose its models and data used to calculate flood risk and premiums. Marco Rubio has tried to delay its implementation. senators have been critical of the new ratings methodology. On average, premiums in the county will increase 60%.įlorida’s U.S. In Pasco County, 23% will see premiums decrease or not change. About 46% in Pinellas will see increases of $10 or less per month. Most (62%) in Hillsborough County will see increases of $10 or less per month. “This newer system means lower-cost homes will no longer absorb the costs to repair more expensive homes as flooding becomes more frequent and severe,” FEMA’s senior executive of the National Flood Insurance Program David Maurstad wrote in the Tampa Bay Times in 2021.Ībout 15% of homeowners in Pinellas and Hillsborough counties will see their premiums go down or not change, the data shows. Policies that have renewed since April 1 have already moved to the new methodology. The new methodology, known as Risk Rating 2.0, incorporates more flooding variables and better reflects a property’s actual flood risk, according to FEMA.
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