ZIP code 33315, which covers Edgewood, one of the worst-hit neighborhoods in the Fort Lauderdale floods, will see a relatively modest 64% premium hike.
In Broward, the biggest premium increases are concentrated on the coast, especially in ZIP codes surrounding Fort Lauderdale. Leisure City and 33170, which runs west from Goulds to the Everglades). Coral Gables) or where premiums have been historically low (33033, i.e. In Miami-Dade, the biggest premium increases are coming in the southern part of the county, in ZIP codes where home prices are particularly high (33146, i.e. Key Biscayne will have the sixth highest insurance premiums of any ZIP code in the state. Key Biscayne, Islamorada, Marathon, Miami Beach, North Bay Village, Bal Harbor, Surfside, and Sunny Isles will be among the most expensive areas to insure against flooding in South Florida. Under the new risk rating regime, the highest average premiums in South Florida will all be in ZIP codes in Miami-Dade and Monroe counties. In ZIP code 33469, which covers parts of Jupiter and Tequesta, the average policyholder will see eight straight years of 18% insurance hikes before their premiums stabilize at the new Risk Rating 2.0 level. But the increases will phase in gradually. Those hikes will eventually lead to average increases in annual insurance bills as high as $4,056 in ZIP code 33036, which covers Islamorada. The 10 biggest premium hikes in South Florida affect ZIP codes up and down the coastline from Summerland Key to Jupiter - and three ZIP codes in inland Miami-Dade County. Rates will remain relatively stable in North Dade and inland Broward and Palm Beach. That affects 1.2 million Citizens policyholders in the state.Īcross South Florida, the biggest premium hikes will go to policyholders in the Keys, South Miami-Dade and coastal Broward and Palm Beach counties. This year, Florida lawmakers passed a bill requiring anyone with hurricane and wind policies from Citizens Insurance to also get flood insurance. The number of Florida flood insurance policies is likely to rise. Emergency management experts warn that just about anyone in a state vulnerable to hurricanes and heavy rains should get it. Although Florida has the highest number of policies in the country, roughly 4 out of 5 Florida homes aren’t covered. Mortgage lenders and banks often require that home and property owners get federal flood insurance. Currently, many policyholders with lower-value homes are paying more than they should and policyholders with higher-value homes are paying less than they should,” FEMA wrote in an April 2021 press release announcing the change. “The new methodology allows FEMA to equitably distribute premiums across all policyholders based on the value of their home and the unique flood risk of their property. The agency also argues that the new premium regime is more fair.
FLOOD ZONE MAP MIAMI FULL
Since April 2022, new policyholders have had to enroll at the full Risk Rating 2.0 price.įEMA says the new premiums reflect the reality of Florida’s increasing flood risk, as people continue to build homes in flood-prone areas and climate change raises sea levels and makes “rain bomb” events, like the 1,000-year floods that recently inundated Fort Lauderdale, more common. If you’re buying a new flood insurance policy, however, you’ll get hit with the new premium all at once.
The bad news is, you might see that flood insurance premium go up 18% every year for several years until it reaches the new Risk Rating 2.0 calculation for your home. Congress has capped price hikes at 18% per year.
FEMA estimates that about 20% of Florida policyholders will actually see their premiums drop under the new pricing regime, known as Risk Rating 2.0.įor those with current federal flood policies, the good news is that the rate won’t immediately skyrocket. Some important qualifiers: The premium hikes won’t hit all at once for existing policyholders, and not everyone will see an increase. Type in your ZIP code to see what is happening to flood insurance costs in your community.
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