Under the new system, her rates will eventually reach $7,147, according to Jake Holehouse, her insurance agent.Īnd that is prompting lawmakers from both parties to line up to block the new rates, which will be phased in over several years. In some parts of the state, the cost of flood insurance will eventually increase tenfold, according to data obtained by The New York Times.įor example, Jennifer Zales, a real estate agent who lives in Tampa, pays $480 a year for flood insurance.
The government’s new approach threatens home values, perhaps nowhere as intensely as Florida, a state particularly exposed to rising seas and worsening hurricanes. “It’s going to require a major rethink about coastal living.” Removing that subsidy, he said, is likely to affect where Americans build houses and how much people will pay for them. “Subsidized insurance has been critical for supporting coastal real estate markets,” said Benjamin Keys, a professor at the University of Pennsylvania’s Wharton School. For the first time, the new rates will also take into account the size of a home, so that large houses by the ocean could see an especially big jump in rates.įederal officials say the goal is fairness - and also getting homeowners to understand the extent of the risk they face, and perhaps move to safer ground, reducing the human and financial toll of disasters. While the program also covers homes around the country, the pain will be most acutely felt in coastal communities. 1, communities in Florida and elsewhere around the country will see those subsidies begin to disappear in a nationwide experiment in trying to adapt to climate change: Forcing Americans to pay something closer to the real cost of their flood risk, which is rising as the planet warms. You need JavaScript enabled to view it.Florida’s version of the American dream, which holds that even people of relatively modest means can aspire to live near the water, depends on a few crucial components: sugar white beaches, soft ocean breezes and federal flood insurance that is heavily subsidized.īut starting Oct. This email address is being protected from spambots. *As the financial underwriter, Wright Flood Insurance Company reserves the right to modify the excess flood insurance policy. Underwritten by Wright Flood Insurance Company*.Similar coverage and exclusions as the NFIP policy.Adds additional coverage for property/contents as well.
#Wright flood st pete full#
Allows you to insure up to the full replacement cost of your building, subject to underwriting guidelines.
0 kommentar(er)
