Florida residents will experience a significant increase in the cost of their flood insurance.
Hurricane Season Approaches
According to Yahoo, Florida citizens must ask themselves if they are prepared for the potential floods with the hurricane season approaching after the devastating hurricane hit the state last year. The Federal Emergency Management Agency wants to remind the residents that this season comes with new flood insurance rates.
It was good news that the new rate wouldn’t immediately skyrocket. FEMA says that the flood insurance rates would reflect the reality of Florida’s flood risk as the climate continues to change.
New Flood Insurance Rates Announcement
According to the reports from Wesh, the Federal Emergency Management Agency (FEMA) is issuing public service announcements (PSAs) to spread awareness about the newly implemented flood insurance rates system. According to FEMA spokesperson Jackson, this system offers the most transparent and equitable pricing structure in the program’s history.
Flood Insurance Rates in the U.S. costs around $800 per year, with coverage for residential properties up to $250,000 for building damages and $100,000 for contents. Businesses are eligible for up to half a million dollars in building and content damage coverage. At the same time, renters can get coverage for building and content damages, while renters can get coverage for up to $100,000 for contents only. In Florida, the cost is around $779 per year.