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Florida Homeowners Still Face Threat of Federal Flood Insurance Hike

In Florida, Florida Legislation, Insurance, Interesting News on April 11, 2014 at 1:32

Flood insurance rates increases, as a result of a 2012 law, poses a big concern for many people in the state, especially those in southwest Florida. While only a small percentage of people in the Jacksonville area will be affected by the rate increase, some Floridians who chose to buy property along the coast could see their rates increase as much as tenfold.

“The idea was to make sure people who built in flood prone areas pay their fair share of the premium for the flood insurance that they needed,” said David Miller, CEO and founder of Brightway Insurance.

As a result of this, many homeowners are unable to afford their flood insurance premiums.

Congress is working on providing relief to homeowners. The Senate passed a bill that would delay the rate increases for four years while the House worked on presenting a modified version of the bill that would have been voted on last week but has been pushed back.

There’s a state effort for a revised flood insurance bill designed to cut premiums but it has yet to be brought before Florida lawmakers for a vote.

Read the story. 

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