Flood insurance costs soar in South Florida. New rates to double, even triple for many
Brace for a few years of flood insurance rate hikes, South Florida. And they're going to be steep — doubling, even tripling for thousands of homeow...
Brace for a few years of flood insurance rate hikes, South Florida. And they're going to be steep — doubling, even tripling for thousands of homeowners. FEMA has changed the way it calculates flood insurance prices. Instead of relying on old flood zone maps covering broad areas, it's now basing premium prices on a wider range of factors, like an individual property's distance from the ocean, rainfall levels and the cost to rebuild a home. Last month, for the first time, FEMA shared estimates for what that will mean for the average flood insurance premium by ZIP code.