Page 19 - Matthew Eby News Today

Domain Realty Managing Broker Adam Ruud may have put it best when it comes to Southwest Florida real estate. "Weve definitely had our challenges over the years," Ruud said. "For me, (2020) is just another reminder of how resilient our market can be. From the hurricanes we deal with. Irma, Wilma back in 05, the BP oil spill, the defective drywall, the red tide, the algae bloom, obviously throw in a global pandemic." FEMA had been developing a new concept of trying to put more responsibility o...

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year. But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981, but their expected annual loses are $4,694 per property. If all of those property owners...

Study: Floridians in Flood Zones Underpaying for Flood Insurance by Average of 379% If you live in Florida, you should probably be paying more for flood insurance. And you likely will be soon. That first finding is the conclusion of a new analysis by First Street Foundation, a nonprofit research group focused on climate impacts on property value, which found that the majority of Floridians face a higher flood risk than their insurance costs would indicate. The second prediction comes because th...

Study finds Floridians are underpaying for flood insurance Follow Us Question of the Day A man smokes a cigarette and video chats with a friend on his porch, the only dry spot on his street after a King Tide-related flood in Miami Beach, Fla., on Oct. 19, 2020. A new analysis by First Street ... more > By ALEX HARRIS and The Miami Herald - Associated Press - Saturday, March 13, 2021 MIA...

Flood Insurance Changes Could Spike Costs Marlborough Enterprise (MA) As the Federal Emergency Management Agency works to compensate for more than 50 years of mispriced flood insurance, those likely to be hurt most are the ones least equipped to handle unexpected expenses – middle-class and low-income homeowners. Scheduled to take effect in October is a major overhaul of FEMAs National Flood Insurance Program – the biggest change to the programs methodology since 1968. Experts say the recal...

A new report from the First Street Foundation on flood insurance points to significant cost changes to many Americans in flood zones.

As FEMA prepares to roll-out its "Risk Rating 2.0," many experts fear flood insurance premiums will become a major issue for some homeowners.

Kyle Bagenstose, Dinah Voyles Pulver and Kevin Crowe, USA TODAY Published 9:45 pm UTC Feb. 23, 2021 With a major overhaul of the nation’s flood insurance program just months away, new data released Monday by the First Street Foundation suggests hundreds of thousands of homeowners in the riskiest locations across America could face massive rate hikes starting in October. The Brooklyn, New York-based research group estimates the average rate needs to more than quadruple on the nation’s most...

Advocates call for plans to manage a retreat from low-lying coastal areas

The flooding maps that determine flood insurance rates aren’t in tune with the latest climate projections. These new maps are more accurate.