[1insider]

Originally Posted by JOinGA

FEMA flood insurance premiums are limited to 18% increases annually, but people should expect continued increases until their premium covers full risk. The median annual premium in 2022 was $689, but will need to increase to $1,288 to cover full risk. Of course, median does not reflect what will happen with any individual property. Some people are already paying full risk. But FEMA reports that many of the most underpriced policies are on the Gulf Coast and this is where some of the largest premium increases will occur. All info taken from a GAO report.

Folks buying new policies are the ones feeling the full brunt of increased flood rates. Check out these rate increases for new policies in at-risk areas. Cocoa Beach leading the pack with the biggest increase.

[Travelassie]

Looks like our flood insurance increased by about 16%, from $800 to $931.

[HWTechGuy]

I got a notice from my company that I can reduce my premium by 20% if I agree to binding arbitration for any disputes.


https://www.aiicfl.com/insurance-pro...ng-arbitration


This option is apparently a result of the new legislation.



TBH, I am not sure how I feel about this. But, for $2K in savings I am going to do my research.

[Sand&Salt]

Originally Posted by Travelassie

And my sister who lives on the Big Island in Hawaii just got notice that her insurance company was not renewing homeowner's policies there. She's having difficulties finding a new insurance policy, most companies won't write policies there. The one ( apparently there is just one willing to insure their house) has informed her new policy will not cover windstorm damage ( though they're unlikely to get hurricanes there as they're shielded more or less by the mountains) and the coverage will be very expensive.

Not to mention volcanoes!

I feel bad for both FL and CA and HI re homeowner's insurance. I don't know what ours is; it's incorporated into our $160 a month HOA. And that's after a 7.8 earthquake which was fully reimbursed. Generali.

This is a very entertaining thread, even though it's a serious subject.