12/28/2023 0 Comments Pinellas county flood map![]() ![]() If you continue to live in your home and don’t sell, you most likely will be able to keep the lower, subsidized rates with the higher premiums phased in. What if I live in my home and currently benefit from subsidized rates on my flood policy? A subsidized property that has experienced severe or repeated flooding will see the higher rates kick in Oct.Owners of businesses and nonresidential properties with subsidized rates will see the higher rates effective Oct.Owners of investment properties that have been subsidized with lower rates already started paying the higher rates on policy renewals after Jan.I’ve heard some property owners will face 25 percent annual increases for several years? Who does that affect? That translates to about 35 percent of all flood policies in the county.Īmong other bay area counties: more than 14,000 Hillsborough policies (or 21 percent of all flood policies) are subsidized in Pasco, it’s more than 11,000 policies (36 percent) in Citrus, about 2,900 policies (41 percent) and in Hernando, about 1,000 (22 percent). The affected properties date to before Flood Insurance Rate Maps were adopted in the 1970s and 1980s.įlorida is the hardest-hit state and Pinellas County is tops with more than 50,000 subsidized flood policies that could face significant rate hikes. In fact, the biggest rate hikes focus on just 20 percent of flood policies in the country, those covering older properties in low-lying areas (called a Special Flood Hazard Area) for which owners have been paying cheaper, subsidized rates. To more accurately reflect the risk of flooding, the Biggert-Waters Flood Insurance Reform Act of 2012 calls for eliminating some artificially low rates and discounts. ![]()
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