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Key West has filed its appeal of proposed new federal flood maps that, if approved, would significantly increase flood insurance rates for residential and commercial property owners.
Four bills reintroduced this week to the US congress have proposed a number of reforms to the National Flood Insurance Program (NFIP), among which is the strengthening of FEMA’s authority to purchase reinsurance.
Flood insurance is designed to help protect families from bankruptcy when disaster strikes. However, a new policy being rushed into place by the Federal Emergency Management Agency (FEMA) threatens to transform the National Flood Insurance Program from a financial lifeline into a crippling financial burden for thousands of low-income families in coastal cities.
Knowing your home’s risk to flooding ahead of hurricane season could save you thousands of dollars
1 in 4 flood claims comes from outside high-risk areas
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A couple leaves their flooded home the morning after Irma swept in, in Bonita Springs, Florida (Spencer Platt/Getty Images).
ORLANDO, Fla. – The average height above sea level in Florida is about 6 feet. Regardless of whether your residence is in a flood zone, insurance is something that should be considered when preparing for hurricane season.
Dewanda Davis, FEMA’s regional flood insurance liaison for region 4, which covers Florida, says 25% of flood insurance claims come from people who aren’t in high-risk or flood zones. That’s basically 1 in 4 claims filed.