New data released by FEMA shows that concerns about flood insurance prices soaring with the implementation of Risk Rating 2.0 calculations were quite justified, especially for low-elevation places.
With the new FEMA data now trackable by county and zip code, it’s apparent that many places will see a more than 300% hike in their flood insurance rates. Many parts of Florida will be significantly affected, for example - with annual rates in Pensacola doubling from about $640 to $1300. The rate hike is even steeper for Hell Gate, Florida which sits on the east coast, which is showing a 342% annual rate increase.
These steep rate hikes aren’t limited to coastal areas, either, with one low-lying area of Kentucky seeing a 520% increase in average annual flood insurance premiums as a result of a string of recent flooding events.
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