PINELLAS COUNTY, Fla. — Over the last few years the cost of flood insurance has gone up. Now, many people are choosing not to have any flood insurance at all.
Federal and local leaders are working to change their minds, saying having flood insurance is critical.
Jesus Romero is a resident in the Tampa Bay Area and has seen the impact of rising prices.
"This has been a little bit of a nightmare. We have tried to find a house that we can afford," said Romero.
Romero has had a hard time looking for a new home.
"Try to get the budgeting not to just afford the house but also the nightmare of what is going on with the insurance and the fear that it will go up," said Romero.
Residents in Pinellas County said flood insurance rates have gone up since Hurricanes Ian and Idalia, bringing premiums as high as $3,000.
"Better to be safe than sorry, but also it's become very difficult to afford something nice," said Romero.
Back in 2021, FEMA changed its formula for how to calculate flood risk, using ground elevation, height on the first floor, foundation type, and more.
New premium prices based on this formula went into effect last year, and many people saw their premiums increase dramatically.
"When we do have damage, it is more expensive because the costs have been rising on material, labor and equipment," said Jeffery Parker with FEMA.
Parker said he's noticed people are opting out of protection.
"In the state of Florida, people have auto insurance but it's either liability or full coverage, but they have something. We find too few people have that something when it comes to flood insurance." said Parker.
He said flood damage can be costly without insurance.
"We find that in the areas where it's not required to carry it mandatory, NFIP gets about 40% or more of its flood claims from these so called low risk or mistakenly called no flood zone," said Parker.
That's why Pinellas County Emergency Management and FEMA are holding meetings to educate residents about the importance of having some kind of coverage.
Romero and Tucker said despite the cost, flood protection is worth it.
"If I can afford it, I probably will have to buy it to make sure I'm covered and not wait until something bad happens," said Romero.
"It can happen. It always takes that one time. So you have to be prepared, right. I think you have to be prepared. That's the way it is. And I will keep it for as long as I can," said Tucker.
