Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community.
The delay will allow FEMA to deal with issues as they come up rather than have to make amendments to already released flood maps. Given that this year’s is expected to boast of an incredibly active hurricane season, floods and other property damage can happen at any moment. Florida has already been saturated with several storms bringing heavy rains and lightning, lending a sense of unease to any move by FEMA to make hasty changes.
FEMA will be working closely with state and county governments as well as insurance companies to ensure that their flood maps are as accurate as possible. The maps will be used by insurance companies to determine the level of risk properties hold, which will determine the cost of their insurance coverage overall.
FEMA’s current flood maps for Marco Island can be found via the city’s website.