Margate Commissioners have started the process to increase building height requirements, all in an effort to lower insurance rates.
Solicitor John Scott Abbott said: Without a doubt…flood insurance premiums will continue to go up every year.
Building Inspector Jim Galantino says new height requirements are a step toward getting Margate a better ‘rating’, which results in lower rates.
New houses are going to be higher, says Solicitor Abbott.
Abbott: Without a doubt, flood insurance premiums are going to go up every year.
In probably 5 to 10 years, most of the houses in Margate, below required elevation, will see $5,000 to $6,000 flood insurance premiums, which is insane.
Galantino predicts homes with basements or below required elevation, will see big increases in their flood insurance premiums.
One additional question: will the completed dune project contribute to lower flood insurance rates?
As the article states “will dunes lower flood insurance rates” and the answer is no. Dunes, bulkhead or jetties as per FEMA do not credit discount on flood insurance rates map.