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There's some bad news for developers and consumers.  Florida's Insurer of last resort Citizen's Property Insurance Corporation (CPIC) reports that Wind-Only coverage rates for projects under construction will rise by an average 150%.  So while future and current construction projects don't have to worry about a decision to stop covering construction they are faced with higher rates.  I'm sure this turn of events will just be passed along to the consumer.  CPIC says it may allow homeowners to pay their insurance premium biannually or quarterly.  To cash-strapped property owners it won't make the premium less but it might make it feel that way.  USAA insures about 280,000 Florida properties owned by families with a connection to the military.  Within the past few weeks they have requested an increase of 40%.  Reinsurance, construction cost and anticipated future losses are the reason listed for the increased premiums. 

Between 20 and 25% of flood insurance claims come from homeowner's that thought their home was safe in a low-risk flood area.  Every year more homes in the U.S. are damaged by floods than any other natural disaster. Did you know that Flood Insurance is backed by the Federal Government and is available in communities that adopt and enforce regulations to reduce flood issues?  Your homeowner's insurance doesn't cover flood or damages caused by flooding.  Chances are the community you live in participates in the National Flood Insurance Program making the insurance available to you.  Protect your property with Flood Insurance.  Don't rely on Federal disaster assistance for financial help if you suffer a loss because it  is only made available to homeowner's should the area be declared a federal disaster.  Federal Disaster Assistance is often a loan which is repayable in full and with interest.

The good news is that Flood insurance is affordable. The average flood insurance premium cost a little over $300.00 a year for the average $100,000 of coverage.  If you calculate what Federal disaster assistance would cost if you had to pay back $50,000 the payment would be $300.00 a month with a repayment of 20 years. 

For Florida homeowner's you may have Hurricane coverage on your  Homeowner's Insurance Policy.  This coverage does not protect you in the event of flood loss.  Talk with your insurance agent to determine if you need Flood Insurance.

• Federal disaster assistance is not the answer.
  

•  Flood damage is not covered by your homeowners policy.
  

• Everyone lives in a flood zone
  

• Flood insurance is affordable
  

• Renters can buy contents coverage for their belongings
  

• From the date you purchase your flood coverage it doesn't go into effect for 30 days- 30 day waiting period.
  

• Flood insurance is easy to get
  

• Low to moderate-risk areas offer low-cost policies to homeowners
  

• You can buy flood insurance no matter what your level of flood risk
  

• Flood insurance coverage is available for residential and for contents of non-residential buildings up to a total of $1 million.