FEMA 2.0 meeting provides info on flood insurance
Representatives of FEMA had lots of information for residents of Cape Coral this week.
The agency came to the Kiwanis Club at 360 Santa Barbara Blvd. on Tuesday for an informational meeting regarding FEMA 2.0 and its revamped flood insurance program.
The idea was to clear up any confusion about the new flood maps, which were drawn up in November, and what the zones mean for you and what it will cost.
Donna Germain, president of the Chamber of Commerce of Cape Coral, said the meeting was to provide an opportunity to give residents more information about the Risk Rating 2.0, which has residents confused and concerned about whether they will be able to afford flood insurance.
“There were significant changes to the flood maps and zones, so we’re hoping that having someone here who understands it and can explain it will help,” Germain said. “Hopefully, he can shed some light on some of the concerns the residents have.”
FEMA Hazard Mitigation and Crew Lead Jeffery Parker explained that the idea is to have more equity, where individuals would no longer have to pay more than their share in flood insurance premiums based on the value of their home.
His presentation stated that roughly two-thirds of policyholders with older homes would see their rates go down.
What local residents have seen is a different picture.
Only 20 percent of Florida homeowners are predicted to see a total rate decrease while 76 percent are expected to see an increase of up to $240 per year, and 4 percent seeing increases of $240 or more per year.
The new methodology would use FEMA-sourced data and other-sourced data, rating variables, such as distance from flooding source, occupancy, type of construction, elevation, prior claims, and much more, chance of the 100-year flood in an area and fees and surcharges.
The meeting took the full two hours and could have taken much longer as the meeting produced two questions for every answer.
Attendees had a chance to look at the flood map in the area of the meeting and what the new data meant. Some of the areas away from the canals, in tan colored, had a much lesser chance of the big flood than those on or near the canals.
Germain said the city is still going through the challenges after Hurricane Ian and that FEMA 2.0 has created another layer of concern over what they can do to their homes.
“I’ve heard from businesses and residents they have seen an increase in premiums. As we get further into the process, we will see how it’s really impacted us. It may take another year to see the true impact,” Germain said.
Those who saw huge spikes in their flood premiums are capped to an only 18 percent increase annually. State and federal legislators attempted to get that increase cut in half, but that went nowhere.
Parker said he wasn’t too disappointed by a lower-than-expected turnout as those who came who pass what they learned on to others. Also, the meeting was shown live and recorded for use on the Chamber’s Facebook Page.
“The audience is far greater than it appeared in this room. Meetings were attended by hundreds of people, but it was archived and seen by many more,” Parker said. “I think people understand there are no flood zones and that there is now a risk of low, medium and high. They know the way you build a home or how a home was built can affect the likelihood of a flood or the cost of flood insurance.”
For more information on the new FEMA Risk Rating 2.0, go to FEMA.gov.
To reach CHUCK BALLARO, please email news@breezenewspapers.com