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Flood insurance rate increase for Florida residents

Updated: Thursday, July 10 2014, 07:34 PM CDT
The first notices for flood insurance renewals this fall are hitting Florida mailboxes.
Many who live in their homes will see increases of 18%

The bill for second homes or rental properties could be 25% higher.

State lawmakers approved plans for private companies to offer flood insurance beginning July 1st.
The intention was to create competitive pricing but so far, few companies are offering flood policies.

A spokesman for the Florida insurance council says the industry is waiting for new flood maps and surge models to be released.

Flood insurance rate increase for Florida residents


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