ORANGE COUNTY, Fla. — Thousands of Central Florida residents will start paying more for flood insurance.
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The federal government’s new flood insurance policies go into effect on Friday.
For nearly two decades, Patricia Shirer has lived in Orlo Vista, a neighborhood prone to flooding.
In 2017, the area was flooded during Hurricane Irma.
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The Federal Emergency Management Agency, or FEMA, is changing the way your flood insurance is priced.
The restructuring is called risk rating 2.0.
It goes into effect for existing policyholders starting April 1.
“This is going to affect nearly 2 million policyholders in Florida and 80% of policyholders are going to see their flood insurance rates go up by as much as $100 a month. Most of them will see a relatively small increase about $10 to $20 a month,” said Nick VinZant, a senior research analyst with Quote Wizard.
VinZant said roughly 20% of homeowners will actually see a decrease.
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“The less risky areas, they are going to see substantial savings,” VinZant said.
All homes are different, so your rates may vary.
FEMA will consider things like how close you live to water, including other factors.
Shirer said she just renewed her flood insurance on Wednesday and was shocked to see the price.
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She will pay a little more than $1,500.
Shirer said it is frustrating, but renewing her flood insurance is necessary to protect her home.
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