New Collier Flood Rating Means Lower Florida Insurance Costs
The residents of Collier County in Florida just got some good news from the Federal Emergency Management Agency (FEMA). The flood rating in the county has been reduced from a six to a five, which should result in a 5 percent premium reduction for most residents.
Just five years ago, Collier was ranked as a seven by FEMA before the rating was dropped to a six. The recent reduction puts Colliers flood rating at a five.
Currently, there are roughly 70,000 flood insurance policies in Collier County which means that residents of Naples, Goodland and Marco Island could save a total of $1.5 million over last years rates. Nearby Everglades City has a completely different rate structure.
Flooding can be a serious issue in Collier County due to its location along the Florida Gulf Coast and the fact that the community is, for the most part, very flat. Florida’s sub-tropical climate generates a large number of intense thunderstorms, especially during the “wet” summer season. In addition, Collier County, and much of Florida is a prime target for tropical storms and hurricanes.
Flood Map Basics
FEMA flood maps show the various identified flood risks in Collier Country and other areas of Florida. The Digital Flood Insurance Rate Map (DFIRM) shows locations of flood zones as well as flood elevation information.
When shopping for a new home, experts recommend checking the local DFIRM map to see where potential homes fall on the flood map.
There are three basic risk levels that are shown on a DFIRM:
- Low risk flood zone: X
- Moderate risk flood zone: X500
- High risk flood zones: VE, AE, AH and A
In Collier County two sources of flooding can be an issue, coastal surge flooding and rainfall-induced flooding.
Flood Insurance Basics
If your home, or a home you are considering, lies in a high-risk flood zone, your mortgage lender will require that you carry a flood insurance policy.
Flood insurance policies are issued by standard homeowner insurance companies but are backed by the National Flood Insurance Program. Prices are set by the government so choose a company that provides high quality customer service, as price should not be an issue.
National Flood Insurance Program policies do come with some restrictions.
Coverage levels are capped at $350,000 for your home and personal property. If the value of your home and property exceeds these limits it is possible to purchase additional coverage in the private market but costs tend to be fairly high.
Staying Safe During a Flood
In Florida, coastal surge flooding is considered the more dangerous type of flooding due to rapidly changing water levels as well as the dangerous conditions that accompany the tropical storm event that is responsible for the coastal flooding.
Here are a few tips to keep you and your family safe during a flood:
- Submerged culverts will often create strong currents, so steer clear of them and absolutely keep children and pets away.
- The location of roadside canals and ditches can become un-recognizable during a flood.
- Driving through floodwaters can be both dangerous and damaging to your vehicle. If the roadway is not clearly visible, do not drive through the floodwaters.
- Always obey the rule of Turn Around, Don’t Drown!
Contact us today about your flood insurance needs or request a flood insurance quote online now.