Changes to the federal flood insurance program could present some homeowners in floodprone areas across the U.S. with difficult decisions about whether they can afford to live there
New pricing system that begins Friday considers distance from body of water, cost of rebuilding and other factors
Waterfront homes on Treasure Island, Fla. The federal flood insurance program’s new pricing system seeks to reflect more accurately the flood risk that properties face.Oct. 1, 2021 9:53 am ET Chris Dailey and his wife are building a new home in coastal St. Petersburg, Fla., that will sit 7 feet above the flood level expected during a major storm. So he was stunned to learn that under the federal flood insurance program’s revamped pricing, his annual premium is slated to soar to $4,986 from $441.
“It’s absolute insanity,” said Mr. Dailey, 52 years old. “This rate makes no sense.” He said he plans to go through with the project, which is about a block and a half from a canal that leads to Tampa Bay, but worries about the ability to sell it in the future.
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