FL Insurance Premiums Could Rise When New FEMA Flood Maps Adopted

TAMPA BAY, FL — Flooding is the most costly and repetitive natural disaster affecting Floridians.

It can occur anytime and anywhere when heavy or steady rain occurs. It impacts residents living near lakes, low-lying areas, rivers and in coastal communities.

And it can take a devastating financial toll on property owners.

The Federal Emergency Management Agency has launched the most significant update to its Flood Insurance Program in a half-century policies.

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The flood maps for the National Flood Insurance Program were last updated by FEMA in 2009. Revised maps are scheduled to be adopted by Florida counties on Aug. 24.

Since flood insurance rates are determined using the FEMA flood maps, the new maps could impact a property owner's existing flood insurance policies and premiums.

Some property owners (about 1 percent) will see increases in their premiums while about 3 percent of property owners will have the flooding potential for their properties downgraded.

FEMA reminds residents that homeowners' insurance policies usually do not cover flooding. Property owners need flood insurance to protect them from the financial devastation caused by floods.

Click here to access FEMA flood insurance rate maps and flood risk maps.

If residents feel their property has been misclassified on the flood maps, they can submit data to amend or revise the map. Click here to learn more about the process to amend a flood map.