Flood insurance rates skyrocket for Florida homeowners Dec 26, 2023
The federal government subsidizes flood insurance, because if it didn’t, many working-class families could not afford to buy it and would face the risk of losing their homes in a flood.
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across the Tampa Bay area and much of Florida, it is substantially raising rates for most – on average more than doubling costs.
"Sometimes it’s as much as four times higher," said Ed Kearns of the First Street Foundation. "It is a wakeup call as reform is being brought to the national insurance program," said Kearns.
On average, Hillsborough homeowners are paying $1,400 more a year when they renew their flood policies. In Pinellas, rates are up $1,700 more per year on average.
