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Florida flood insurance rates increase

Updated: Friday, July 11 2014, 11:42 AM CDT

Some Florida homeowners are getting hit with another round of double digit premium increases in the National Flood Insurance Program.

Many will see an increase of 18 percent. But for those with a second home they don't live in or use as a rental property, the increase will be 25 percent.

State lawmakers approved plans for private companies to offer flood insurance beginning July 1st. Under the law, the companies can charge what the market will bear without first getting state approval. But few are jumping in.

A spokesman for the Florida Insurance Council says the industry is waiting for new flood maps and surge models before jumping in to the Florida flood insurance market with both feet.
Florida flood insurance rates increase


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