Miami Beach has been proactive through planning and projects to reduce the risk of flooding; however, our geographic location and elevation makes Miami Beach vulnerable to storms and sea level rise.
Under the current FEMA Maps, 93% of all buildings are in the Special Flood Hazard Area, requiring flood insurance for federally backed mortgages and recommended for all properties. Investments in the dune system, stormwater and climate adaptation projects, as well ordinances for a higher freeboard were positive moves that may save some policy holders on the cost of premiums and avoided risk.
Flood insurance can help you rebuild your home faster and stronger. For more information on flood risk and flood insurance, please visit floodsmart.gov.
MIAMI BEACH SAVES YOU MONEY ON FLOOD INSURANCE
Miami Beach has also been able to increase flood insurance premium savings citywide. The Community Rating System (CRS) of the National Flood Insurance Program (NFIP), is a voluntary program allowing communities to earn flood insurance discounts based on the City’s overall rating score and property characteristics.
Miami Beach’s participation in the Community Rating System provides most policy holders a 25% discount that totals $8.6 million in savings annually. This helps offset increasing federal rates.
RISK RATING 2.0
FEMA is changing how the National Flood Insurance Program prices the cost of flood insurance through a process called Risk Rating 2.0. Policy holders are encouraged to contact their flood insurance agent to understand how the new pricing approach may affect them.
Beginning August 1, 2021, current National Flood Insurance Program policyholders are encouraged to contact their insurance company or insurance agent to learn more. Starting Oct. 1, 2021, new policies will be subject to the new rating methodology. At this time, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums. All remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology.
For more information about Risk Rating 2.0, please visit: https://www.fema.gov/flood-insurance/risk-rating.
Based on publicly available FEMA data, the following chart highlights estimated changes for policies within City of Miami Beach zip codes. The changes are similar to the statewide estimates.
What To Do Before You Renew
- Make sure to reach out to your insurance representative with any concerns or questions.
- Be aware of any changes in your home’s structure that may change your premium from the projected premium used for analysis.
- Know that as a policyholder you are eligible to change your coverage or deductible selections.
To learn more, contact your flood insurance agent or visit https://www.fema.gov/flood-insurance/risk-rating.