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?
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