LETTER: We must protest the flood insurance increases
North Port Sun (FL)
Your paper recently ran an article on the flood zone changes, but what about the financial impact? In my Charlotte County subdivision about 75% of the homes went from Flood Zone X to Zone AE, and in Zone AE many mortgage companies require flood insurance.
For me, the 2021 premium was $572 in Zone X. For a first time purchaser of flood insurance in Zone AE where I live, the annual cost is now $4,037. This could force people out of their homes! FEMA is calculating these new rates via "Risk Rating 2.0" and have a bulletin out that claims most homes will have "$0 to $10 per month increases" in flood insurance cost. This is very deceptive.
If you currently have flood insurance, the increase in cost is limited to 18% per year. So the first year you will see a limited increase, mine went from $572 to $677 per year, an $8.75 per month increase. But each year the premium will increase 18%, until you get to the full premium of $4,037 per year. However, if you were in Zone X, and didn't buy the insurance, and now you are in Zone AE and are forced to buy it, you will pay the full $4,037, that's an increase of $336 per month. FEMA didn't mention that in their bulletin.
Write your congressmen and senators and ask them "what the hell were you thinking?"