By John Romano, Tampa Bay Times Columnist
Let’s start with the numbers:
Florida residents paid $3.60 in premiums for every $1 in claims received from the National Flood Insurance Program from 1978 through 2008.
This wasn’t the highest ratio in the nation, but it was significant considering Florida makes up nearly 40 percent of all NFIP policies.
By comparison, residents in Alabama paid 40 cents for every dollar in claims. Louisiana paid 26 cents and Mississippi paid 20 cents.
Now let’s consider the fallout:
Florida’s reward for paying significantly more than it received in flood insurance rates for the past three decades is not, as you might expect, lower bills.
Instead, bills are going up. Way up. In some instances, rates will increase 20 percent annually. In cases of homes sold in high-flood areas, bills could immediately skyrocket by 500 percent or more.
Finally, let’s ask a question:
Why should Florida remain in the NFIP?
Maybe Florida should take care of its own flood insurance 10/09/13 [Last modified: Wednesday, October 9, 2013 7:21pm]