The cost of Bradenton-area flood insurance is going up. See the rate for your ZIP code

Flood insurance rates are set to skyrocket for many Bradenton-area homeowners thanks to a 2021 FEMA decision to change the way it calculates policy costs.

In April, FEMA for the first time released the new rates for every ZIP code in the country.

FEMA no longer uses flood zones to determine flood risk. The agency’s new methodology means flood insurance rates going up by as much as 233% for single-family homes in Manatee County.

“The new methodology allows FEMA to equitably distribute premiums across all policyholders based on the value of their home and the unique flood risk of their property. Currently, many policyholders with lower-value homes are paying more than they should and policyholders with higher-value homes are paying less than they should,” FEMA said on its website.

According to FEMA, data points such as the cost of rebuilding the home, distance from water bodies and the likelihood of a flood were used to calculate the new premiums.

While flood insurance rates in some parts of the country may have decreased, there is no evidence of that in the Bradenton area.

To the contrary, FEMA’s new Risk Rating 2.0 methodology is bringing sticker shock to local policy holders. However, the rate increases are not happening all at once.

For primary residences, annual increases are capped at 18%. For second homes, it’s capped at 25%. Also facing 25% annual increases are business properties and properties which have sustained repeated severe flood losses.

Flood insurance rates increase in Manatee County

The City of Anna Maria and Longboat Key have the highest average flood insurance costs in the Bradenton area. The average cost of flood insurance there is increasing from $2,358 to $7,058 in Longboat and $2,108 to $5,793 in Anna Maria, according to recent FEMA data.

The City of Anna Maria falls entirely within the 100-year floodplain, and it is also in a special flood hazard area, known as a coastal high hazard area.

Homeowners in Holmes Beach and Bradenton Beach face similar steep increases in their national flood insurance premiums.

Due to the 18% limit by law on increases to annual flood insurance premiums, the increases would take effect over a 10-15 year “glide path,” according to the Insurance Information Institute.

Bradenton-area flood insurance by ZIP code

Here are the new flood insurance rates by ZIP code:

▪ ZIP code 34216 (City of Anna Maria) — The average cost of $2,108 would increase to $5,793 — a 175% increase.

▪ ZIP code 34217 (Holmes Beach and Bradenton Beach) — The average cost of $2,539 would increase to $5,717 — a 125% increase.

▪ ZIP code 34215 (Cortez) — The average cost of $1,464 would increase to $4,876 — a 233% increase.

▪ ZIP code 34210 (Tidy Island to 34th Street W., south of Cortez Road) — The average cost of $1,620 would increase to $2,907 — a 79% increase.

▪ ZIP code 34221 (Terra Ceia, Palmetto, Memphis, Rubonia) — The average cost of $1,199 would increase to $2,556 — a 113% increase.

▪ ZIP code 34208 (Bradenton, roughly from 15th Street West to Interstate 75 north of Cortez Road-44th Avenue East) — The average cost of $1,176 would increase to $2,448 — a 108% increase.

▪ ZIP code 34222 (Ellenton, on both sides of I-75 along the Manatee River) — The average cost of $1,360 would increase to $2,433 — a 79% increase.

▪ ZIP code 34209 (West Bradenton from Perico Island to 43rd Street West, north of Cortez Road) — The average cost of $903 would increase to $2,045 — a 126% increase.

▪ ZIP code 34207 (34th Street West to 15th Street West, south of Cortez Road West to Sarasota Bay) — The average cost of $1,147 would increase to $1,989 — a 73% increase.

▪ ZIP code 34205 (Bradenton 43rd Street West to 15th Street West north of Cortez Road) — The average cost of $967 would increase to $1,890 — a 95% increase.

▪ ZIP code 34201 (University Park) — The average cost of $664 would increase to $983 — a 48% increase.

▪ ZIP code 34203 (area bounded roughly by 15th Street West and I-75 and 44th Avenue and 63rd Avenue) — The average cost of $688 would increase to $941 — a 37% increase.

▪ ZIP code 34212 (I-75 east to Lake Manatee north of S.R. 64) — The average cost of $639 would increase to $823 — a 29% increase.

▪ ZIP code 34219 (Parrish) — The average cost of $604 would increase to $690 — a 14% increase.

▪ ZIP code 34202 (Lakewood Ranch south of State Road 70) — The average cost of $557 would increase to $662 — a 15% increase.

▪ ZIP code 34251 (Myakka City) — The average cost of $575 would increase to $649 — a 13% increase.

▪ ZIP code 34211 (I-75 east to C.R. 675 between S.R. 64 and S.R. 70) — The average cost of $513 would increase to $532 — a 4% increase.

▪ ZIP code 34243 (Tallevast and Whitfield near Sarasota Bradenton International Airport) — The average cost of $747 would increase to $989 — a 32% increase.

▪ ZIP code 34228 (Longboat Key) — The average cost of $2,358 would increase to $7,058 — a 199% increase.

Manatee seeks community discounts

Anna Maria Mayor Dan Murphy, says his city lets residents know about the need for flood insurance through its website, as well as special outreaches in the community, such as at the farmers market. The Anna Maria website also includes a link to FEMA and its flood insurance information.

Several Manatee municipalities, including the City of Anna Maria, take part in FEMA’s Community Rating System, a voluntary incentive program that recognizes and encourages community floodplain management practices that exceed the minimum requirements of the National Flood Insurance Program (NFIP).

Under that program, the elevations of all new construction are reported to FEMA to ensure that no new flooding problems are being created.

Participation helps win discounted flood insurance premium rates to reflect the reduced flood risk resulting from the community’s efforts.

Will flood insurance rates affect home sales?

Max Brandow, vice president of advocacy and member programs for the Realtor Association of Sarasota and Manatee, says the local real estate community is keenly aware of the flood insurance issue.

But, he says, it hasn’t yet had a major impact on local real estate sales.

“The demand for our market is unreal. We are seeing insane demand and our supply levels are woefully inadequate,” Brandow said.

On the lobbying agenda for the National Association of Realtors:

▪ Long-term reauthorization of the National Flood Insurance Program. Since 2018, Congress has passed 25 short-term NFIP extensions. This increases uncertainty in the market and risks 40,000 home sales annually nationwide.

▪ Long-term reauthorization would allow modernized mapping, incentives for risk mitigation, and strengthen consumer choice between NFIP and private flood insurance.

▪ Encourage a more robust private market to close the flood insurance gap.

▪ Ensure consumers are charged fair rates while also enhancing affordability through mitigation.

▪ NAR supports more accurate and transparent pricing methods.

▪ NAR is asking the federal government to expand NFIP coverage for the increased cost of compliance after a flooding event, as well as more funding to help at-risk properties.