Happy Wednesday! In this week's Big I Buzz: FEMA will allow monthly payments for flood insurance under new NFIP update. Plus: St. Pete to spend millions on stadium after reducing insurance coverage.

FEMA Allows Monthly Payments for Flood Insurance Under New NFIP Update

FEMA has updated the National Flood Insurance Program (NFIP) to allow monthly premium payments, improving affordability and helping retain policyholders. This change follows legislative directives dating back to 2012 and aims to provide more financial flexibility for policyholders. Monthly payments may reduce the financial strain of lump-sum payments and encourage more consistent engagement with flood insurance. FEMA hopes that this option will also help policyholders stay informed about flood risks. Read more here.

St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year

St. Petersburg officials may be rethinking recent insurance changes after Hurricane Milton severely damaged Tropicana Field’s roof. Earlier this year, the city reduced the stadium’s policy limits from $100 million to $25 million, paired with a $22 million deductible, saving around $275,000 in premiums. Now, with substantial damage to the home of the Tampa Bay Rays, the city’s cost-cutting measures may prove costly in recovery. Read more here.

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