Flood insurance rates could soon be dropping around the Bay area.
According to our partners at the Tampa Bay Times, private insurers like Lloyd's of London have broken into the market.
The resulting decreases could be dramatic. For example, a policy worth $146,000 of coverage in St. Petersburg would cost almost $6,700 under the federal program, but Lloyd's rate is only $1,300.
The London-based insurer actually entered Florida's market last year, shortly after homeowners began feeling the impact of the 2012 Biggert-Waters Flood Insurance Reform Act. Since then it has expanded to other states, allowing the company to lower its rates dramatically.
This could be good news for homeowners who have been hit with rate hikes.