TALLAHASSEE, Fla. — Florida residents hold 37 percent of all flood insurance policies in the United States and one state senator says the rates are too high.
"I think the flood insurance is really the Achilles heel of the state of Florida," said Senator Jeff Brandes (R-St. Petersburg). "We're a peninsula, many of our residents live along the coastline and it really is an issue for the entire state of Florida to have affordable flood insurance."
In a letter to Florida Insurance Commissioner Kevin McCarty on Aug. 12, Brandes wrote, "Premium increases of as high as 18 percent per year for primary residences and 25 percent for non-primary residences for policies offered through the National Flood Insurance Program are codified in federal law, promising to further exacerbate the crisis of affordable coverage."
Brandes has been pushing for an expansion of competition in the flood insurance market in Florida. He contends that increased competition will drive down the cost for residents.
"We received notification that the flood maps were changing and we were annexed into a flood zone," says Deltona resident Jennifer Luke. "No, I don't feel like I'm getting a good deal."
Jennifer Luke pays $3,000 a year for flood insurance. In his letter to the state, Brandes asked if the rates paid by people like Jennifer are, "excessive, arbitrary, or unfairly discriminatory?"
In a response to Brandes, McCarty noted that the state can request data from the National Flood Insurance Program, but that without that data further analysis would be tough.
WFTV
