Homeowners priced out of homes due to Flood insurance cost increase

Article Courtesy of WINK NEWS

By Justin Kase

Published April 14, 2024

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Something scary is coming to Southwest Florida this October, and no, it’s not Halloween.

Flood insurance is increasing another 25% on Oct. 1.

More than 100,000 homeowners in Lee County and Cape Coral are being affected.

“The value of our homes has gone up over the years,” said Cape Coral resident Grace Giiliberti. “Well, so has the taxes, so has the insurance, so has the utilities, and then everyday living has gone up by at least 25 to 30%.”

And it’s not like homeowners have a Brinks truck they can back up and unload to keep up with these rising costs.

“They’re saying they’re getting priced out,” said Jay Higgins. “They’re saying, ‘We can’t afford this anymore. It’s getting too expensive.'”

 

WINK News spoke with a couple on a fixed income who now have no choice but to flee the place they wanted to live out their days.

“I know that being in Florida is an area where elderly people flourish. And now having to leave that dream and go back,” said Susan Lewis. “I know that I might be cutting my husband’s life short, but financially, we don’t really have a choice.”

Susan and Bob Lewis are now looking at places in the bible belt where they’ll once again face harsher winters. But harsh winters are easier to face than the harsher financial free-for-all coming this fall from FEMA.

“I’m beyond disappointed in FEMA. With the limited income that we have and the damage that we had here. We didn’t get one dime from FEMA,” said Susan. “We didn’t get a dime for food or anything else, so I don’t really feel like they have my back.”

As for who people blame, many said FEMA.

Only one guy blames both sides. That guy says the City of Cape Coral is spending tax dollars recklessly and could be using those dollars to help people with their insurance.

The City of Cape Coral has laid out the entire timeline, showing that they’ve done everything that was asked of them.


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