FL Insurance Premiums Will Rise With New FEMA Flood Maps 
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.
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.
FEMA overhauls the National Flood Insurance Program due to climate change.
Hurricanes are becoming stronger, rainfall heavier and flood risk higher. Yet, America’s National Flood Insurance Program hasn’t changed at all since its inception.
Under the current program, the Federal Emergency Management Agency provides $1.3 trillion in coverage for more than 5 million policy holders in 23,500 communities nationwide. Homeowners in FEMA-designated flood zones are required to purchase flood insurance, but others do so voluntarily. Nearly one-third of NFIP policyholders are not mandated to carry it.
This is the most substantive change to the NFI program going back to 1968

Starting on Oct. 1, the program will undergo a complete overhaul to make insurance pricing more accurately reflect each property’s unique flood risk. Finally, climate change will be factored in. What we found out was that many folks with lower-value homes were paying more than they should, and those that had higher-value homes were paying less than they should. And we have a responsibility to make sure that we have actuarily sound, fair, and equitable rates. And so that’s what’s driving the change.
Today, federal flood insurance is based on the property’s elevation and whether it has a 1% annual chance of flooding. Under the new model, FEMA will also look at the home’s replacement cost; whether the risk is rainfall, river or coastal flooding; and how close the property is to the source of the potential flooding. Most important, FEMA will now factor in future catastrophic modeling from climate change, including sea level rise, drought and wildfires.
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