NORTH PORT, Fla. (AP) — Christine Barrett was inside her family’s North Port home during Hurricane Ian when one of her children started yelling that water was coming up from the shower. Then it started coming in from outside the house.
But hurricanes can also pack a massive storm surge as Ian did in places like Naples or Fort Myers Beach.
“This is such a big storm, brought so much water, that you’re having basically what’s been a 500-year flood event,” said Florida Gov. Ron DeSantis.It must be purchased separately — usually from the federal government. Although most people have the option of purchasing flood insurance, it is required only on government-backed mortgages that sit in areas that the Federal Emergency Management Agency deems highest risk. Many banks require it in high-risk zones, too.
Last year, FEMA updated its pricing system for flood insurance to more accurately reflect risk called Risk Rating 2.0. The old system considered a home’s elevation and whether it was in a high-risk flood zone. Risk Rating 2.0 looks at the risk that an individual property will flood, considering factors like its distance to water. The new pricing system raises rates for about three-quarters of policyholders and offers price decreases for the first time.
After major flooding in Louisiana in 2016, for example, the average payment to a flood insurance policyholder was $86,500, according to FEMA. Uninsured homeowners could get individual assistance payments for needs like temporary housing and property damage, but they averaged roughly $9,150.
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