8/11/2023 0 Comments Florida flood insurance cost![]() ![]() Rubio joined with eight other senators to ask FEMA to delay the change, fearing up to 20% of policyholders will drop out of the program because of the cost. Over the past fifty years, FEMA has paid out more in claims than the agency has collected in premiums. The older policies were based on location and elevation. FEMA’s new methodology now factors in environmental elements such as rainfall, climate change, and sea level rise. The change will shift the financial burden away from low-value properties to more expensive homes in areas with a higher risk of flooding. Almost 123,000 policies in those counties will see a decrease. According to an analysis of FEMA data by NBC 6, almost 450,000 policies in Miami-Dade, Monroe, and Broward counties will see an increase in premiums. NBC 6 Investigators covered the issue from Opa-locka to Cutler Bay this fall.
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