Flood insurance rates expected to rise following hurricanes
While the high water may have receded from hurricanes Helene and Milton, many Florida residents fear their flood insurance rates are about to rise.
Residents who live in the North Fort Myers neighborhood of Jaye Court and Betmar Boulevard saw heavy flooding during the recent storms. They lost nearly everything and now they're expecting their flood insurance rates to go even higher and industry experts say that's likely.
Todd McConnell said he always wanted to live on the water with a dock, and he expected to pay more for flood insurance because he was living in a flood zone along a canal and realized some risk.
"We weren't expecting this. Maybe a once in a lifetime, but three times now," McConnell said.
Debris still lines his street following Helene and Milton flooding just a week apart.
He said his rates skyrocketed after Hurricane Ian destroyed his home two years ago.
"It pretty much tripled after Ian. I don't know what's going to happen now. We're going to see what happens," McConnell said cautiously.
Fort Myers Insurance Agent Doug Nellans with The Insurancenter said he expects that the federal government's flood insurance program will impose rate hikes in the next year or two.
While the Federal Emergency Management Agency can raise rates on those properties more likely to flood, by law they can't raise rates more than 18% a year.
"The federal government's program has been operating at a deficit year after year," Nellans said.
An NBC-2 weather map shows 10 major hurricanes pounded the Gulf Coast since 2017.
"Insurance companies are going to be paying very close attention to that going forward. If the trend continues then it could be cause for concern," Nellans said.
He also fears the data could lead to higher home insurance rates on the West Coast.
Mark Friedlander with the Insurance Information Institute said it is likely risk assessments will potentially change for those living along the Gulf Coast.
He said, however, he doesn't foresee a case where people in Southwest Florida will pay more than those living in Miami or Fort Lauderdale.
"We always look at Southeast Florida being the highest risk. That is why Southeast Florida residents pay the highest average premiums in the state," Friedlander said.
While McConnell can't reduce his flood risk, he said he has realized he can reduce his losses.
"Right now, we're going to get concrete floors and put patio furniture in the house and prepare for it to flood again," McConnell said.
With just over a month left in hurricane season.
