Flood Insurance Changes - FEMA Risk Rating 2.0
Town Hall Meeting Summary
On behalf of the NWNA, I would like to thank Councilmember Gloria Tate for hosting this very informative and important meeting pertaining to the FEMA Risk Rating 2.0 implementation and possible Flood Insurance implications.
| Following is a summary of the issues that were discussed at the meeting.
1. FEMA Risk Rating 2.0 will utilize the Cape Coral Special Flood Hazard Area (SFHA) maps for determining the cost of future FEMA Flood Insurance. FEMA will no longer use elevation or home values in determining the price of FEMA Flood Insurance. 2. The current SFHA maps identify flood zones for Cape Coral residents. In District 6, all the homes West of Burnt Store Road are classified as Special Flood Hazard Area. 3. The Cape Coral City Representative identified that the SFHA maps would be revised and some of the homes in the NW East of Burnt Store on canals may also be included in this Special Flood Hazard Area classification. 4. The insurance discussions identified that we can expect an increase in the cost of FEMA Flood Insurance using the FEMA Risk Rating 2.0. Several examples were briefly discussed that were in our flood designation areas (Special Flood Hazard Area) and they identified that the costs went up 2 or 3 times more than past costs. Realtors need to educate their buyers that new homes under construction will have higher costs for Flood Insurance under FEMA Risk Rating 2.0. For new construction, the 10/01/21 implementation of FEMA Risk Rating 2.0 is in effect. 5. The FEMA Risk Rating 2.0 went into effect on 10/01/21. For current flood FEMA Risk Rating 2.0 insurance holders, the new flood insurance rates will be effective 4/01/22. 6. There are processes such as Letter of Map Amendment (LOMA) and Letter of Map Revision (LOMR) that residents can use to ask for an exemption based on such factors as elevation, history, costs, etc. However, the cost for either is currently $450.00 which requires Engineering support. Talking with the City representative it would be very hard to get an exemption if you were in the Special Flood Hazard Area. 7. The presenters identified Senator Marco Rubio as leading an effort in Congress to get the FEMA Risk Rating 2.0 implementation either delayed or deferred. It will be an effort that requires bipartisan support. With today's current issues in Congress, he needs all of our help to get the attention in Congress. They suggested we all write, email, or phone our Senators and Representatives voicing our displeasure with the FEMA Risk Rating 2.0 implementation and rising costs of Flood Insurance under this system. |
Representative Byron Donalds
https://donalds.house.gov/contact/Senator Rick Scott
https://www.rickscott.senate.gov/contact/contactSenator Marco Rubio
https://www.rubio.senate.gov/public/index.cfm/contact
Risk Rating 2.0: Projected Premium Changes by Zip Code - SFH Policies
| Please click on the button below to see the latest FEMA information showing the areas that will see an increase and approximately how much it will be.The 'Dashboard" will have several sections and a lot of information so look for the data for the state of Florida by selecting it from the filter in the window in the upper right corner. Then look for your zip code at the bottom corner window. |
| Please take the time to review all of the handouts from this meeting attached below. Each one has eye-opening data and information you may want to consider in your communications with our Senators and Representatives. |
Special Flood Hazard Area City MapHow to Buy Flood InsuranceFlorida - Risk Rating 2.0The Truth about Flood Risk Rating 2.0