The new system, called Risk Rating 2.0, goes into effect Friday for anyone purchasing a new policy. A $450,000 house in Feather Sound, on Old Tampa Bay near Clearwater, is expected to see its $1,658 premium more than double.A nearly $1 million home on Apollo Beach would now pay $824, but the new rate will be more than $10,500.The rate is expected to rise by more than $2,000, he said. A $300,000 home in Ballast Point, just north of MacDill Air Force Base in Tampa, would currently pay $3,663 for a maximum coverage flood insurance policy.He flicked through slides of one steep increase after another, which would take multiple years to take full effect. Petersburg-based HH Insurance Group, ran quotes on homes around Tampa Bay near the water. Pete Beach city commission earlier this month, Jake Holehouse, president of St.

“We’re part of the solution here and now they’re saying, ‘Well, we don’t care about that anymore.’”ĭuring a presentation to the St.

We’ve met and exceeded your goals, FEMA,” Pletcher said. Pete Beach has incentivized homeowners to build in ways that, under the change, are no longer guaranteed to keep their flood insurance costs low, she said. The new rules particularly stung for Pletcher, because the city of St. People living close to the water are more likely to see hefty increases in their premiums, in some cases by 10 times or more over multiple years. Pletcher’s case is not unique - particularly in a place like Tampa Bay, where tens of thousands of people live in flood zones. More than a million of them, or 80 percent of policyholders in the state, will see their premiums go up, according to the agency. The Federal Emergency Management Agency is finally rolling out changes to the National Flood Insurance Program, which is the carrier for roughly 90 percent of Floridians with flood insurance.

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