Coverage Collapse: Understanding High Flood Insurance Premiums in South Florida Real Estate
Coverage Collapse: High Flood Insurance Premiums
Coverage collapse in Florida real estate news highlights high flood insurance premiums affecting homeowners. Flood insurance costs are rising even in low-risk areas.
Recent interaction with viewers brought to light their dissatisfaction with the rates. One email stated, “I just paid $929 for my flood insurance a few weeks ago,” while another shared, “$700 for this year and I am not in a flood zone.”
Insights from Experts
Industry experts weighed in on these concerns. Trevor Burgess, CEO of Neptune Flood Insurance, explained that flood insurance rates reflect underlying risks. He noted:
- If your flood insurance rate is $1,500 and you’re in Zone X, it indicates significant risk.
This revelation can be alarming for many homeowners not in traditionally recognized flood zones.
Flooding incidents in low-risk areas earlier this month due to Hurricane Debby underscore the urgent need for homeowners to reevaluate their flood insurance policies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.