Revenue up, premiums go down forfiFKAA

Meter revenue was up approximately $1.3 million in March compared to March 2021 and FEMA flood insurance premiums at Florida Keys Aqueduct Authority’s properties are set to go down under new flood maps.

The FKAA board, which oversees sewer and potable water service and conducts projects throughout the Florida Keys met for its monthly board meeting on Tuesday.

Flood insurance at 16 of the FKAA’s properties is up for renewal and since the implementation of FEMA’s new flood maps, which have been decried by some insurance experts for the potential rate hikes they could bring to some Keys property owners. However, FKAA director of finance Cindy Kondziela said the FKAA is set to see a 21% reduction in its flood insurance premium. This is based on the location of those properties within the flood maps, Kondziela said. The board voted to approve extending the insurance policy to April 2023.

Kondziela said that she’s seen a similar trend each month, that revenue is up somewhat from the same time last year. She said it’s likely due to increased tourism in the post-COVID era. Rates are increased each year. Last year’s increase was 5.1%, she said.

The board also voted to approve a capital project worth $7,977,000 to Reynolds Construction, of Plantation, to create a standby power generator at an FKAA facility on Stock Island.

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