It won’t happen all at once for renewing policyholders.
#Flood insurance florida zip#
Those under federal flood insurance here will see a range of a $977 average increase to an almost $6,000 average increase. Brevard County has five of the top ten zip codes in the state that will see the biggest hikes.
News 6 took the agency’s new data and broke down the numbers across Central Florida’s zip codes. “Certainly with development changes, areas that may not have previously been prone to flooding may now be prone to flooding,” Cotton said.īefore, FEMA used old flood zone maps to estimate but now it’s basing it on property factors including rainfall levels, distance to the ocean and cost to rebuild. “Raising rates to actuarily sound levels is not a politically popular thing to do, but the changes you’re seeing are moves towards more actuarily sound rates,” said Tom Cotton with Hugh Cotton Insurance.Ĭotton said the new estimates for federal flood insurance are diving deeper into location specifics. FEMA just released its estimates under its new system called “Risk Rating 2.0″ to calculate premiums. On top of that, they’re seeing major insurance cost hikes - and the latest hit will be flood insurance.īased on FEMA’s latest estimates, about 80% of Florida residents who have flood insurance will see their premiums hike over the next few years, but on Central Florida’s coast, many property owners will be taking the biggest hits in the state. It’s been six months since the last hurricane hit Central Florida, and many communities are still cleaning up.
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