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Flood insurance rate increase for Florida residents
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.