Millions of Florida property owners face requirements to buy flood insurance under a precedent-setting bill approved Wednesday by the state Legislature. It’s the first mandate of its kind in the country. The Florida flood-insurance requirement applies to properties across the state, regardless of whether they are in high-risk flood zones and will cost some homeowners thousands of dollars a year. Keep reading to learn more.
The bill was approved two months after Hurricane Ian caused catastrophic damage in parts of Florida where almost no one has flood coverage. Supporters say the requirement could protect people whose homes are damaged by storms from financial ruin because flood coverage is generally not included in standard homeowners’ insurance policies.
“It’s probably a good idea to mandate people to have flood insurance,” said Paul Handerhan, president of the Florida-based Federal Association for Insurance Reform, a consumer advocacy nonprofit. “It seems like that’s the only mechanism that really drives adoption.”
The requirement comes as federal lawmakers and officials are struggling to get more homeowners across the country to buy flood insurance and protect themselves financially against climate change.
Federal law requires people to have flood insurance on property inside a flood zone if it’s secured by a federally backed mortgage. Yet many people flout that requirement, and less than 4 percent of households nationwide have flood coverage through the National Flood Insurance Program, which is run by FEMA and is the main provider of U.S. flood coverage. However, in Florida, the nation’s most flood-prone state, 19 percent of households have flood insurance. That’s the second-highest rate in the U.S. after Louisiana. Even so, 7 million households in the state don’t have flood coverage.
Many who do not live in a flood zone are expressing their frustration over this Bill, viewing it as nonsense and outrageous. State Sen. Jason Pizzo said the changes are outrageous, too. “My constituents are getting screwed,” he said during the special session. Sen. Pizzo is concerned for families in multi-story buildings and high-rises. “Why would the 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd [floors] be required to get flood insurance?” said Sen. Pizzo.
If you have property damage of any kind or are a victim of hurricane Ian or Nicole, let the Florida Property Damage Attorneys at The Consumer Law Office (CLO) help you receive the maximum property damage compensation you are entitled to under your insurance policy.
Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation. Visit https://consumerlawoffice.com/
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