“Monroe County Commissioner (Florida) Heather Carruthers said secondary homes and commercial properties above and below the flood line could see increases of 25 percent annually.
“In 10 years, they could be paying $56,000 for flood insurance alone, and let me tell you, there’s not a business that could absorb that, especially if you’re a small business,” she said.
“Monroe County estimates that a home built below base flood elevation could pay up to $9,500 a year in flood insurance. Yes, $9,500. This would mostly affect the older Conch homes built at ground level, the same ones that serve as de facto affordable housing. For homeowners who own the home outright, some may choose to go uninsured rather than pay the premium, putting their investment at risk when there is another hurricane. For homeowners who are still paying a mortgage that requires insurance, they are likely to sell.
“We saw something like this back in 2013, with the passage of the Biggert-Waters Act of 2012. Flood insurance premiums shot up to about $5,000 a year. But then we had private insurance companies enter the market, offering more reasonably priced insurance,” said Bascom Grooms, a board member and past president of the Key West Association of Realtors. “We might see another softening of the market for homes below base flood elevation.”
Red the full story here https://keysweekly.com/42/flood-map-fear-what-fema-maps-mean-for-your-flood-insurance/
The flood subsidies are being phased out and homeowners will see increases until they are no longer subsidized.
Below are some exorbitant flood insurance premiums. Starting at $10,000 a year up to $65,000 a year!
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