Events of the past year have convinced more Florida homeowners of the need to carry flood insurance.
Flooding caused by hurricanes Ian and Nicole caught hundreds, if not thousands, of homeowners across the state by surprise, and without flood insurance.
Similarly, many homeowners affected by last month’s historic rainfall in eastern Broward County had no flood insurance and learned tragically that damage caused by water rising from the ground was not covered by their normal homeowner insurance.
It’s not just flood victims who are experiencing hard lessons about flood insurance.
Just as homeowners are realizing the increased risks of going without flood coverage, the Federal Emergency Management Agency has released data showing that coverage costs are exploding for properties in coastal areas most vulnerable to flooding.
The cost hikes stem from mandates by Congress to require rates charged by the National Flood Insurance Program, which is run by FEMA, to reflect the cost of flood risk to individual covered properties, and to pay down the program’s deficit, which was $20.5 million as of last November, according to FEMA. read more