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FLORIDA - Rising flood insurance rates are expected to burden residents of Florida as they recover from Hurricanes Helene and Milton.
As the region recovers from Hurricanes Helene and Milton, many residents are facing the grim reality of rising flood insurance rates.
Those living in flood-prone areas like Jaye Court and Betmar Boulevard in North Fort Myers experienced significant flooding during the recent storms and are now bracing for increased insurance costs.
Insurance experts predict that the Federal Emergency Management Agency (FEMA) will implement rate hikes in the coming years to address the financial deficit of the federal flood insurance program.
While FEMA is limited to increasing rates by 18% annually, the cumulative impact over time could be substantial.
The recent trend of major hurricanes hitting the Gulf Coast, including ten significant storms since 2017, has heightened concerns among insurance companies.
This increased risk could lead to higher insurance premiums for homeowners along the Gulf Coast, including those in Southwest Florida.
To mitigate potential losses, residents are taking proactive measures such as raising their homes, installing flood barriers, and purchasing additional flood insurance coverage.