Insurance Program Overview

Water Dam by a Bridge

Describing the National Flood Insurance Program

The National Flood Insurance Program (NFIP) is an arm of FEMA. Established in 1968, its goal is to reduce flood losses by fostering effective building practices. The NFIP provides federally-backed flood insurance for communities that adopt and enforce flood loss reduction standards.

The standards require that houses be elevated above the floodplain (areas of the City subject to periodic inundation from floodwaters) so as to minimize their risk of flooding. Since Pinellas Park participates in the NFIP, this allows residents and businesses in Pinellas Park to cover their structures against flood losses since homeowner's insurance does not cover flood damages.

Homeowners Flood Insurance Affordability Act of 2014

The Homeowners Flood Insurance Affordability Act of 2014 or Grimm-Waters Act was passed by Congress and signed by the President in 2014 that reformed parts of the Biggert-Waters Act of 2012. The law repealed some provisions and added other provisions. The links on this page will help explain the Homeowners Flood Insurance Affordability Act (HFIAA) of 2014 and subsequent changes in more detail.

Recent News Regarding Flood Insurance

Risk Rating 2.0: Equity in Action

FEMA recently changed the way flood insurance premiums are calculated. This new pricing methodology is referred to as Risk Rating 2.0: Equity in Action. This new approach uses more data and takes into account factors such as flood frequency, multiple flood types, the distance your property is from a water source, property characteristics and the cost to rebuild. Most rates will not increase by more than 18% per year. All new policies were subject to Risk Rating 2.0 beginning on October 1, 2021. All existing policies that were renewed on or after April 1, 2022 were subject to the new pricing methodology.

Risk Rating 2.0

Citizens Property Insurance

Citizens Property Insurance, the largest property insurer in the state, recently expanded the number of policyholders that will be required to obtain flood insurance. As of April 1, 2023, new Citizens personal residential policies that include wind coverage for covered property within a Special Flood Hazard Area are now required to have flood insurance coverage. This requirement is restricted to policyholders who have a Personal Lines residential property. For all other Citizens Personal Lines residential policies that include wind coverage, the flood insurance requirement will occur in phases for new and renewing policies until 2027.

Citizen's Flood Insurance