The program is currently in $25B in debt (to the US Treasury.)Īs a result, calls are increasing for reforms to the program to eliminate this debt and require the program to operate in an actuarially sound way. Flooding is an ongoing and ever more expensive disaster. NFIP’s affordable flood insurance protection for homes and commercial properties is important because it is protective of the economic engines that coastal communities represent to the State of Florida and nationwide.Īfter Hurricanes Katrina and Sandy, the NFIP went into debt, having to pay out far more in claims than it was taking in through premium payments. Its affordability is an important pocketbook issue for our constituents, as well as for our overall local, regional, and Statewide economies.Ĭoastal communities generate 80 percent of the State of Florida’s GDP and 46 percent of the entire national GDP. With the vast majority of Monroe County property owners insured by NFIP, the cost of flood insurance is a significant component of our property values, housing costs, and cost of living. (30,268 policyholders, with more than $7.5 billion in insured value.) With the highest percentage of properties insured with NFIP, Monroe County is one of the most impacted counties in Florida. (1.7 million policies with $440 billion in total coverage.) With more policyholders in NFIP than any other State, Florida is the most impacted and greatest beneficiary of the NFIP. NFIP is administered by FEMA, and contracts with private insurers to write and administer individual policies (they are not the providers of insurance coverage.) Flood risk is so great in coastal states that the private market is not willing to write policies that would be affordable to most property owners. The National Flood Insurance Program is a federal program enacted in 1968 to provide affordable flood insurance to property owners who may be at risk for flooding. View the 2020 Spring Flooding Fact Sheet (PDF) to learn more.Fl ooding in Key West during Hurricane Wilma in 2005. However, local flooding may occur when cold temperatures keep the frost in the ground into spring and winter snowmelt coincides with spring rain events. The city maintains an elaborate stormwater system - including more than 600 stormwater ponds - for flood control and water quality benefits. The city shared details with the property owners who qualify for the Flood Risk Reduction Grant Program in 2018. This program is unrelated to the city's Flood Risk Reduction Grant Program available to property owners at a higher risk to flooding. For more information, visit the FEMA National Flood Insurance Program website and the NFIP Manuals and Handbooks page. The NFIP policy does not cover all loss for every flood related incident however, it is important that residents investigate the policy as an option to help protect themselves from flood related loss. These policies take effect 30 days after the policy is purchased. The Federal Emergency Management Agency (FEMA) has a National Flood Insurance Program (NFIP) that helps residents with properties outside the designated floodplain prepare for the threat of flooding.Ī policy through the NFIP is a one-time cost of approximately $535 for one year of coverage (can be more based on home elevation).
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