Floods and hurricanes are a serious threat to Florida, causing loss of life and considerable physical and economic damage to communities. Between 2000 and 2017, 25 federal disasters were declared for floods, hurricanes, and severe storms in the state. To counter the impact of severe weather, Florida is investing in measures such as elevating buildings and converting flood-prone areas into green spaces to better protect homes and businesses— and it’s realizing a large return on investment.1
In Florida, 238 localities participate in the National Flood Insurance Program’s Community Rating System.2 This voluntary program offers communities lower insurance premiums if they have flood plain management practices that exceed the program’s minimum requirements. These practices include buying out flood-prone homes, improving storm drainage, elevating buildings, and flood proofing structures. The city of Ocala has taken advantage of this program and earned a Community Rating System Class 3 designation, which has garnered Ocala policyholders living in a designated flood zone a 35 percent discount on flood insurance premiums.3
In the most flood-prone parts of Florida, building two feet above the code requirement returns $21.10 for every dollar invested.4
Communities must take actions to better prepare for weather-related catastrophes such as floods. And federal officials should consider policy reforms that would improve flood protection and preparation, minimize disruptions to the economy, and reduce costs to the federal government and taxpayers. These actions include: