FEMA is changing the way it charges for flood insurance – Tampa, Florida

Tampa, Florida 2021-07-30 11:49:31 –

Over the years, Gordon Peabody has learned to respect water.

As a coastal consultant living and working in Provincetown, Massachusetts, he has helped develop innovative technologies to protect real estate owners in this picturesque sea town.

“You are on the edge of the earth, you are in the kingdom of God, and the rules are very, very, different,” he said.

The coastline where Gordon walks is at the mercy of Mother Nature. Like many communities, they have seen their share of floods over the last few decades.

From hurricanes to rising sea levels, this coastal tourist destination is particularly vulnerable to floods.

As a result, FEMA paid real estate owners hundreds of millions of dollars in flood insurance throughout the year. The money is paid to repair the dunes and raise the house into the air, so they sit on potential floods.

However, the fees paid by people across the country for flood insurance are changing.

The Federal Emergency Management Agency or FEMA has recently rebranded its flood insurance program. This program is known as “Risk Assessment 2.0” and premiums are paid based on the homeowner’s distance to the water and the cost of replacing the building.

Flood premium rates are declining in some parts of the country and rising significantly in others. And it’s not just the coastal areas that are affected by these changes. About 13 million Americans live in flooded areas, such as by the sea, rivers, or small streams.

Floodplain specialist Shannon Hulst sees these changes as a major benefit to both homeowners and business owners.

“What FEMA says is that the closer you are to the source of the flood, the higher your rate will be,” she said.

Returning to Provincetown, building inspector Ann Howard works on flood plans almost every day. Efforts to manage climate change here have been undertaken for decades and the efforts have paid off.

FEMA recently lowered the overall flood risk assessment for the town. In other words, flood insurance premiums here will drop by as much as 10%.

“So what we’re showing to FEMA is that we’re paying attention to significant improvements, building damage,” said building inspector Ann Howard.

Knowing that we can’t control the ocean around here, Provincetown is facing the waves of change head-on rather than ignoring them.

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