For the past year, FEMA has required new policies to be rated under RR 2.0.Įven before the FEMA data was broken down by ZIP code, some insurance agents have had a pretty good idea of the magnitude of the changes.
#WRIGHT FLOOD INSURANCE POLICY INFORMATION FULL#
For people buying new policies, though, the full impact will be painfully obvious. Federal law limits the rate increases to no more than 18% annually on renewals. Petersburg ZIP code, for example, more than 80% of policies will see a decrease in premiums, the data show.Įxisting property owners won’t feel the pain all at once. Albany, Kentucky, ZIP code 42602, which has seen historic flooding in recent years, will see prices soar - from $741 to $4,597, on average, the FEMA data show.īut some spots will see decreases under RR 2.0, which is based less on FEMA’s much-criticized flood maps and more on a multitude of factors, including rainfall levels, elevation, a home’s distance from water, and rebuilding costs. In Houma, Louisiana, southwest of New Orleans, the average premium will jump from $982 per year to $3,511.Īnd it’s not just coastal areas. In parts of Pensacola, in the northwestern part of Florida, the average flood premium will double, from $639 annually to $1,293. Most ZIP codes across the Southeastern U.S. The most expensive ZIP codes in Florida include the Miami area’s Key Biscayne, which will eventually see flood rates as high as $7,000 annually, on average, the Herald reported.
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