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Floridians Are Underpaying For Flood Insurance, Study Finds. Get Ready For Costs To Rise

A man walks through a flooded area in front of an apartment complex. The water reaching just below his knees.
Carl Juste
/
Miami Herald
Homero Giviria, 76, walks to his job at Aventura Mall barefooted with his dry shoes in a plastic bag through Biscayne Lake Gardens apartment complex in Aventura, Florida on Monday, December 23, 2019.

If you live in Florida, you should probably be paying more for flood insurance. And you likely will be soon.

That first finding is the conclusion of a new analysis by First Street Foundation, a nonprofit research group focused on climate impacts on property value, which found that the majority of Floridians face a higher flood risk than their insurance costs would indicate.

The second prediction comes because the National Flood Insurance Program is rolling out a new way of pricing flood insurance later this year. Experts expect it will lead to higher rates for homeowners in flood-prone places like Florida. Potentially, a lot higher in some places.

Read more at our news partner the Miami Herald.