FEMA has published details about the new rates, and here are the changes for Bay County zip codes: (Contact me if you need data on other counties.) The first column is the zip code. The second is the average rate that will now be charged, and the third column is the current average rate. It doesn't take complicated analysis to see that premiums are jumping.
| 32401 | 1,894 | 839 | |
| 32404 | 1,890 | 803 |
|
| 32405 | 1,343 | 682 | |
| 32407 | 1,244 | 710 | |
| 32408 | 2,493 | 891 | |
| 32409 | 1,510 | 786 |
So, what can you do about this? It's the federal government, so nothing, right? Wrong. There are some things that might help. [emphasis on might]
1. Check iwth your agent ot see if private flood insurance options are available. Not every property qualifies, but private flood insurance - when available - is almost always cheaper and/or has beetter coverage than federal flood policies.
2. Answer your agent's questions about your current home. The new FEMA rules require new information, and without that additional data, you could face a cancellation or uprate.
3. Get an elevation certificate. This is provided by a surveyor. While it's a cost you have to pay, it could improve your premium, and worse case is that there will be no change.
4. Raise your deductibles. In some cases, it can really help, though sometimes the savings is very modest.
5. If you're in the building/planning phase, work with your builder to raise your foundation or use other means to build with an eye toward lowering your flood risk.
Finally, there was state requirment being considered that required many condo unit owners insured by Citizens Property Insurance Corporation to buy a unit owner flood policy. This requirement has been abandoned.