City Hall has some welcome news for all city residents with flood insurance on their homes — their insurance costs will be dropping immediately.
By working with the Federal Emergency Management Agency, city staff has managed to reduce insurance costs by another 5%. The total discount homeowners receive now is 20%.
Tim Litchet, director of neighborhood and development services, said the reduction is a result of the city effectively administering FEMA regulations.
Communities are rated on a point system and are ranked from class 10 to class one, with class one receiving the largest discount of 45%.
Sarasota moved from class seven to six. The rate change will remain in effect for five years.
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