If you own a second home in Florida, you're going to be payingmore for flood insurance than people who reside therefull-time.
|According to WWSB ABC 7, homeowners who do not claim Florida astheir state of domicile will have to pay a $250 surcharge for floodinsurance. This is in addition to expected rate increases thatcould be as much as 18%.
|Residents who claim Florida as their state of domicile will onlybe hit with a $25 surcharge—however, they have to be able to provethat they live in the state year-round.
|The surcharges are reportedly federally mandated to offset the18% annual cap on rate increases. The new rates and surchargescould go into effect in April, says WWSB.
||Want to continue reading?
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