Longtime Florida residents have been experiencing unprecedented flooding this summer. Last week, the city of St. Petersburg received five inches of rain in under an hour. Over the course of August 2024, the city received over 20 inches of rainfall, resulting in flooded roadways, stalled cars, and immense damages to homes and businesses. Although some low-lying coastal areas of St. Petersburg are equipped with flood insurance to handle these events, the highest elevations in the region saw historic flooding that led to multiple home evacuations. Some of the affected residents report poor stormwater management by the city as the cause of this unprecedented event. Others report needing to relocate out of inability to afford repairs.Ā
Many of the affected residents do not have flood insurance, as their homes are within Zone X of the FEMA flood chart. FEMA describes Zone X as 0.2 annual-chance flood, and residents with a federally-backed mortgage are not required to purchase flood insurance. Flood maps, however, can be deceiving: Zone X is still a moderate flood risk, and over the past five years rainfall has exceeded statistical probabilities generated by flood maps, placing more homeowners at risk. Between poor stormwater management practices and the influx of impermeable-surface development to accommodate Floridaā€™s new residents, Zone X residents across the state are put at a flood risk they cannot afford. For an average 1,500 square foot home, FEMA estimates the cost of flood repairs to be approximately $23,000.Ā
The clear solution appears to be purchasing flood insurance even in moderate risk zones such as Zone X. However, flood insurance costs have skyrocketed to over $1,000 annually through the National Flood Insurance Program (NFIP) for moderate-risk zones and over $2,000 for high-risk zones, which include the majority of Floridaā€™s coastline. It is expected that premiums will continue to rise annually. With rising flood insurance rates, automobile insurance 42% higher, and home insurance premiums triple the national average many longtime Florida residents are being priced out of the towns they were raised in.Ā