Donations and Flood Insurance Premium Threaten Existence of Tampa Bay Organic Farm
Sweetwater Organic Community Farm, a beloved all-volunteer non-profit in Tampa Bay, is facing an uncertain future due to a steep flood insurance premium. For over three decades, this farm has been a cornerstone of the community, providing educational opportunities and locally grown, healthy food at reasonable prices. However, despite its positive impact, the farm’s contributions seem to have been overlooked by insurance companies when determining premiums.
The recent flood insurance quote of $15,000 came as a shock to Chris Kenrick, Volunteer Director at Sweetwater Organic Community Farm. The insurance premium accounts for a staggering 15% of the farm’s overall budget, placing an immense strain on their resources.
The farm, which thrived during the COVID-19 pandemic by becoming a sanctuary for the community and a reliable source of fresh produce, had hoped to refinance its mortgage on a new cafe. However, this endeavor led to the revelation of the exorbitant flood insurance premium. Despite their investments in safety measures, the insurance quote remains unaffordable.
Market conditions, compounded by Hurricane Ian’s record-breaking flooding, have forced private carriers to impose substantial rate increases. Some carriers are more heavily regulated than others, highlighting the need for better regulation in the flood insurance industry. Additionally, private flood insurance falls under the unregulated excess and surplus lines market, making it challenging for homeowners to find affordable options.
To address this issue, it is recommended to look for coverage elsewhere and compare rates to secure the best possible insurance. Public insurance through the National Flood Insurance Program, operated by FEMA, offers a much lower premium compared to the private alternative.
Despite finding temporary relief, the challenges surrounding flood insurance premiums persist. Sweetwater Organic Community Farm aims to ensure its long-term survival and expand its scope of impact on the community. The situation faced by the farm highlights the need for deeper consideration of organizations’ positive contributions when determining insurance premiums. Better regulation and consumer protection are necessary to ensure fairer rates for homeowners.
As the farm continues its mission, it remains to be seen whether insurance challenges will impede its aspirations. However, the support from organizations like FEMA offers a glimmer of hope for Sweetwater Organic Community Farm’s future.
