It would be higher, but Congress has capped annual increases for each homeowner at 18%. In Monroe County - the Florida Keys - FEMA says more than 90% of homeowners will see their annual flood insurance premiums go up, sometimes by thousands of dollars a year. Some fear middle-income workers will be priced out of homeownership The high cost of housing has long been a major problem in the Florida Keys, and the couple purchased the home through the nonprofit Habitat for Humanity.Īmy Tripp and her husband renovated the kitchen in their new home, which had been damaged in Hurricane Irma. "It was totally gutted and has a new roof." On Big Pine Key, after years of looking for a house she could afford, Amy Tripp and her husband were finally able to buy a home recently. Almost all homeowners are required to carry flood insurance if they have a mortgage. There may be few places affected more by the new risk rating system than the Florida Keys, where the average elevation on the chain of islands off Florida's peninsula is just over 3 feet above sea level.
The Federal Emergency Management Agency says its new rates better reflect flood risk in a warming climate. The cost of federal flood insurance is rising for millions of homeowners, threatening to make homes in coastal areas unaffordable for many. Her rate will still go up more slowly over time. When buying her new home in Big Pine Key, Fla., Amy Tripp closed early, just before federal flood insurance rates rose by thousands of dollars.
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