Given that Floridians have contributed over 19 billion dollars in premium payments and received just 5.6 billion in claims reimbursements, Senator Rick Scott has requested a review of the new ratings system, called Risk Rating 2.0, to ensure we aren’t further disadvantaged by the NFIP.
https://www.rickscott.senate.gov/sen-ri ... fip-reform
National Flood Insurance Program set to raise rates yet again...
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dammitgriff
- Posts: 928
- Joined: Tue Jul 31, 2018 11:06 am
Just renewed my flood insurance.
$250,000 coverage, it was $572; that's an increases of almost $100 over last year.
No, my flood zone did not change.
$250,000 coverage, it was $572; that's an increases of almost $100 over last year.
No, my flood zone did not change.
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philasteen
- Posts: 28
- Joined: Thu Sep 13, 2018 11:51 pm
Even better, why don't we ask why the Federal government provides insurance that is so uneconomical from a risk rating perspective that no private insurer is willing to issue these policies? Which then encourages people to live and build in areas which would be otherwise be too risky to do so, absent this government subsidy?
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dammitgriff
- Posts: 928
- Joined: Tue Jul 31, 2018 11:06 am
Citizens is Florida’s insurer of last resort for “wind” coverage. They are also planning hikes of 25% or more. Soon, only those homeowners who can afford to self-insure or buy condos will be able to live on Florida’s coastal regions. The middle class is already just about squeezed out, only the families with intergenerational properties will remain.
My question is: when only the rich can afford to live on the coast, will they bus in their household help, like they already do in the Keys? Or will the government mandate “affordable housing” for the attendant class?
My question is: when only the rich can afford to live on the coast, will they bus in their household help, like they already do in the Keys? Or will the government mandate “affordable housing” for the attendant class?