As hurricane season descends upon the U.S., homeowners take stock of rising flood insurance rates.
When Carlee Simon, 46, moved to Alaska from Florida for a new job in May, she was in for a pleasant surprise: Her home insurance dropped by thousands of dollars.
“We talk about pocketbook issues. I do not understand why this one hasn’t been met with more aggressively,” Simon, who is currently an interim dean for the University of Alaska Southeast’s School of Education, told MarketWatch. She had previously worked as the Alachua County Schools’ Superintendent in North Central Florida.
When Hurricane Ian made landfall last September, disaster struck Florida as its Gulf Coast was hammered by the force. The average claim for Hurricane Ian was around $5,000, Larsen said, but the range was in reality a lot more varied — some claims were up to potentially millions of dollars. “We had to get flood insurance on one house that will never flood — but it’s in the FEMA flood zone,” she said.
FEMA, until a decade ago, was the only entity that offered flood insurance for homeowners through the National Flood Insurance Program. Flood insurance is a separate policy homeowners need to take on top of property insurance. In Tampa, Fla., resident Trevor Burgess said the cost of flood insurance under the NFIP program is projected to increase from $500 to $12,000 over the next two decades, depending on the property and location. Burgess, who is also the president and CEO of Neptune Flood Insurance, a private-sector flood-insurance provider, noted that Congress has capped annual increases in flood insurance premiums at 18%.
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