FEMA is making changes to National Flood Insurance Program. It began including scientific models and costs involved in rebuilding a home in 2021.
The agency said this means owners of lower-cost homes will no longer be subsidizing the flood risk for pricier, waterfront properties. But in some cases, rates are going up dramatically.
That includes non-profits, such as “When All Else Fails,” which is a group offering many resources in Sarasota and Charlotte Counties.“The building is in total disrepair and will ultimately be torn down now,” Willis said.“We never thought we should have flood insurance. We thought our general liability and our content insurance will cover what we have,” Willis said.
“Even if you decided to buy flood insurance today, it’s not going to kick in for 30 days. So the sooner you make that investment, the quicker that peace of mind takes place,” Patronis said.
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