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After years of little help, Fort Myers residents will get steep discounts on flood insurance
By Eileen Kelley
January 13, 2025 at 8:00 PM EST
Here's some news most property owners in coastal communities don't hear too often: Insurance premiums for flood insurance policy holders within the city of Fort Myers will be steeply discounted later this year.
After eking by over the years with the lowest rating that still allows for a modest discount — a rating of a 9, the city was notified recently that its rating was upgrading and now policy holders can get 20% discounts beginning in October.
Some 2,300 communities across the country participate in the Federal Emergency Management's Community Rating System.
It's a voluntary incentive program that recognizes and encourages best practices to mitigate future flood claims.
The recognition comes in the forms of annual discounts. The ranking goes from a 1 to 10. A 10 provides no discount, while a rating of 9 represents a 5% discount. Then each descending number represents an additional 5% off of premiums. That means a rating of 2 would mean a 40% discount on flood insurance premiums. Such a low number — is all but impossible to obtain.
With Fort Myers' new rating of a 6, policy holders in the City of Fort Myers join Estero residents and will now get a 20% discount.
Policy holders from Sanibel Island, Bonita Springs, Cape Coral and unincorporated Lee County will continue to get 25% discounts with their 5 ratings.
Badly battered Fort Myers Beach lost its good standing and its rating of 5. The federal government placed the town on probation and residents this fall will no longer have discount on flood premiums.
The town, the government ruled, failed to ensure homes were not being repaired and rebuilt without following FEMA flood guidelines among other things following Hurricane Ian in 2022.
The city of Fort Myers understands what that is like. It joined the rating program in 1993. In 2017 it was removed from the program. The following year it was brought back but given a rating of a 10 which offers no discount and teeters on being kicked off all together.
Since 2020, the city has retained a rating on 9.
City of Fort Myers leaders were notified of the good news Monday.
“The City has made significant strides in flood mitigation illustrating our efforts to adhere to the CRS requirements and creditable activities,” said Steven Belden, Director of Community Development for the City of Fort Myers. “This is the best rating the City has ever received, and we continue to work towards further improving the rating for the nearly 6,000 flood insurance policyholders within the City of Fort Myers.”
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After eking by over the years with the lowest rating that still allows for a modest discount — a rating of a 9, the city was notified recently that its rating was upgrading and now policy holders can get 20% discounts beginning in October.
Some 2,300 communities across the country participate in the Federal Emergency Management's Community Rating System.
It's a voluntary incentive program that recognizes and encourages best practices to mitigate future flood claims.
The recognition comes in the forms of annual discounts. The ranking goes from a 1 to 10. A 10 provides no discount, while a rating of 9 represents a 5% discount. Then each descending number represents an additional 5% off of premiums. That means a rating of 2 would mean a 40% discount on flood insurance premiums. Such a low number — is all but impossible to obtain.
With Fort Myers' new rating of a 6, policy holders in the City of Fort Myers join Estero residents and will now get a 20% discount.
Policy holders from Sanibel Island, Bonita Springs, Cape Coral and unincorporated Lee County will continue to get 25% discounts with their 5 ratings.
Badly battered Fort Myers Beach lost its good standing and its rating of 5. The federal government placed the town on probation and residents this fall will no longer have discount on flood premiums.
The town, the government ruled, failed to ensure homes were not being repaired and rebuilt without following FEMA flood guidelines among other things following Hurricane Ian in 2022.
The city of Fort Myers understands what that is like. It joined the rating program in 1993. In 2017 it was removed from the program. The following year it was brought back but given a rating of a 10 which offers no discount and teeters on being kicked off all together.
Since 2020, the city has retained a rating on 9.
City of Fort Myers leaders were notified of the good news Monday.
“The City has made significant strides in flood mitigation illustrating our efforts to adhere to the CRS requirements and creditable activities,” said Steven Belden, Director of Community Development for the City of Fort Myers. “This is the best rating the City has ever received, and we continue to work towards further improving the rating for the nearly 6,000 flood insurance policyholders within the City of Fort Myers.”
WGCU is your trusted source for news and information in Southwest Florida. We are a nonprofit public service, and your support is more critical than ever. Keep public media strong and donate now. Thank you.